BGC : 3Q22 Earnings In-Line with Estimates

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

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BG Container Glass PCL / Equity Bottom-Up

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<li>We reiterate our HOLD recommendation with a target price of Bt10.70. The key pillars to our call include: 1) intact core profit growth backed by demand recovery;2) attractive dividend yield</li>
<li>Neutral tone from the analyst meeting Management positive about revenue growth of 14% in 2022E, aided by strong underlying demand. Given the pent-up demand for alcoholic beverages in 4Q22</li>
<li>BGC expects its new M&amp;A, which is in the packaging business to begin operation roughly in 1Q23. The deal is in the range of Btt500-600m (69%-83% of 2021 CAPEX).</li>
</ul>


We reiterate our HOLD recommendation with a target price of Bt10.70. The key pillars to our call include: 1) intact core profit growth backed by demand recovery;2) attractive dividend yield
Neutral tone from the analyst meeting Management positive about revenue growth of 14% in 2022E, aided by strong underlying demand. Given the pent-up demand for alcoholic beverages in 4Q22
BGC expects its new M&amp;A, which is in the packaging business to begin operation roughly in 1Q23. The deal is in the range of Btt500-600m (69%-83% of 2021 CAPEX).


BGC : Brighter Outlook in 4Q22 with New M&As on the Card