CRC : Solid Earnings Recovery, but It Has Mostly in the Price

CRC: Expect Strong Earnings Growth YoY in 1Q22

CRC: Growth Momentum Intact Despite Uncertainties

CRC : Expect 2Q22 Performance to Turn to Profit

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Central Retail Corp Ltd / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for CRC with a target price of Bt43. CRC’s 2Q22 net profit came in at Bt1.49bn (recovering from a loss YoY, +24%QoQ).</li>
<li>Impressive recovery in profit in 2Q22   CRC’s 2Q22 net profit came in at Bt1.49bn (recovering from a loss of Bt471m YoY, +24%QoQ).1H22 result accounted for 49% of our 2022E.</li>
<li>The YoY recovery in earnings driven by a recovery in customer traffic in three countries (Thailand, Vietnam, and Italy) and an increase in rental &amp; service income as a result</li>
</ul>


Maintain BUY recommendation for CRC with a target price of Bt43. CRC’s 2Q22 net profit came in at Bt1.49bn (recovering from a loss YoY, +24%QoQ).
Impressive recovery in profit in 2Q22   CRC’s 2Q22 net profit came in at Bt1.49bn (recovering from a loss of Bt471m YoY, +24%QoQ).1H22 result accounted for 49% of our 2022E.
The YoY recovery in earnings driven by a recovery in customer traffic in three countries (Thailand, Vietnam, and Italy) and an increase in rental &amp; service income as a result


Central Retail Corp Ltd

CRC : 2Q22 Performance Turned to Profit