Ratch Group PCL

RATCH: New Capacity Addition Would Offset EPS Dilution

Equity Bottom-Up
183 Views, 23 May 2022 11:54
EXECUTIVE SUMMARY
  • Last week analyst meeting came out in a positive tone. We maintain the BUY call based on target price of Bt48.0 derived using SOTP methodology, implying 9.0xPE’22E.
  • The 2Q22 earnings is expected to improve QoQ from1 higher share of profit from HPC, 2)equity income from new 145MWe  gas PP COD in 1Q22.While full quarter profit from 476M 
  • We see the 2022-25 outlook promising,considering 1)Steady earnings growth supported by 28% PP operating capacity expansion and 2)rising RE proportion which will rule out the ESG concerns and support rerating
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
ThailandEquity Bottom-Up

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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