In today’s briefing:
- SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22
- Scg Packaging (SCGP.BK) – 1 Q22 Inline; Risk Bias Positive
SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22
- Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading mean.
- We expect 1Q22E operation to be the bottom quarter at a net loss of Bt55m,ahead of earnings modestly gearing up in 2Q22 and onwards, on the back of tourism recovery.
- In our view, recovery trend to continue into 2H22, based on full reopening country for foreign tourists post COVID crisis, with upside risk from new branches and products.
Scg Packaging (SCGP.BK) – 1 Q22 Inline; Risk Bias Positive
- Soft result priced-in: Reiterate Buy
- 1Q22 net profit lacklustre but expected
- Maintain capex THB20b; revenue > THB140b
- Maintain earnings forecast; strong growth ahead
Before it’s here, it’s on Smartkarma
