B-WORK: Offers Price Upside and a Good Dividend Yield
SUMMARY
We initiate coverage on B-WORK with a BUY recommendation based on a target price of Bt12.80, implying an upside of 13% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.1% and no terminal period.
Investment thesis:
- Group affiliation assures a high occupancy rate and stable revenue
- Impact from COVID-19 should be limited
- Addition of new assets offer upside to our target price
- Pays higher dividend yield than Thai peers
Risks: Conflict of interest due to the largest unitholder and tenant being within the same conglomerate, rising bond yields, falling occupancy rate, and higher-than-expected renovation and overhaul costs.
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