KCE: Revise 2022 TP Down by 7% to Reflect Short-Term Issues

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We downgrade to HOLD rating and cut our TP to Bt44.75(-35% from previous TP), based on 22.3xPE’23E(-0.5S.D.of 5-Year trading history).Despite 3Q22 earnings was higher than expected, our outlook for 2023</li>
<li>Analyst Meeting Details Management believes that, in 2023, the company’s revenue will grow between 5% to 10% YoY and will attain gross margin of 26% to 27% assuming</li>
<li>We believe that achieving revenue growth of 5% to 10% will be difficult considering based on a potential recession and high prolonged interest rates impacting automobile sales.</li>
</ul>


We downgrade to HOLD rating and cut our TP to Bt44.75(-35% from previous TP), based on 22.3xPE’23E(-0.5S.D.of 5-Year trading history).Despite 3Q22 earnings was higher than expected, our outlook for 2023
Analyst Meeting Details Management believes that, in 2023, the company’s revenue will grow between 5% to 10% YoY and will attain gross margin of 26% to 27% assuming
We believe that achieving revenue growth of 5% to 10% will be difficult considering based on a potential recession and high prolonged interest rates impacting automobile sales.


KCE : Recession Should Impact 2023 Growth

KCE Electronics PCL

KCE : Recession Should Impact 2023 Growth