Central Retail Corp Ltd

CRC: Growth Momentum Intact Despite Uncertainties

Equity Bottom-Up
174 Views, 17 May 2022 16:21
EXECUTIVE SUMMARY
  • Last week analyst meeting came out with neutral tone.We reiterate our BUY rating for CRC with a target price of Bt43.0,based on DCF (WACC of 8.2% and TG of 2%)
  • Management maintained its key 2022 financial guidance. CRC targeted 2022 sales growth of 15%-20%YoY, mainly from fashion business and targeted GPM retail sales to expend by 100-120bps YoY.
  • •CRC showed three measures to mitigate the effect from uncertainties under global issue such as(1)cost optimization by controlling OPEX growth to not be higher than 50% of total sales growth
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Pi Securities PCL, Thailand
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