In today’s briefing:
- SYNEX: Maintain Healthy 22E Growth Despite Uncertainties
- EGCO: Clean Energy Transition to Relegate ESG Concerns
SYNEX: Maintain Healthy 22E Growth Despite Uncertainties
- Maintain our BUY recommendation with TP of Bt29.75,derived from 27.0xPE’22 (+2SD of average 10-yr trading). Yesterday’s analyst meeting came out with neutral tone. While we are cautious of the inflationa
- Management affirms that weakening consumer demand, shortages caused by China lockdowns and Russo-Ukrainian War, and weakening Baht will not impact SYNEX’s 2022 performance.
- Management maintains their guidance of +15% revenue growth YoY in 2022, but admits post-2022 top-line growth will not match the levels seen during Covid period (2020-21).
EGCO: Clean Energy Transition to Relegate ESG Concerns
- The analyst meeting came out in a positive tone.The solid 2022 earnings outlook, decent dividend yield and lowering ESG concerns from transition to clean energy should support the stock performance.
- Expect 2Q recurring profit to remain weak and recover thereafter, following seasonality of Paju ES, (49% stake, 1.8GWe).
- The 2022 outlook looks solid from normalizing power plant operation (recovering demand)after COVID1-19 impact. Also,we see upside from new project acquisition as the company target to add 1.0GWe to portfolio
Before it’s here, it’s on Smartkarma
