Carabao Group

CBG: Time to Reload

Equity Bottom-Up
209 Views, 23 May 2022 12:26
Pi has highlighted this Insight as a Top Pick
EXECUTIVE SUMMARY
  • Last week analyst meeting came out with a positive tone regarding2022-25 earnings outlook.We reiterate our BUY rating for CBG and roll over target price to Bt125 (Previous TP is Bt115)
  • We expect GPM to bottomed out in 1Q22 caused by 1) higher revenue contribution from branded own segment (higher than average blended GPM), 2) wholesale price adjustment by 1%-3%
  • We expect CBG to show a strong performance in 2022-25 supported by recovery sales in Cambodia, solid revenue in Myanmar, breaking into the Chinese market successfully, growth opportunities in Vietnam
detail (14-minute read)
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