SCG Packaging Public Company Limited

SCGP: Expect 4Q21 Earnings to Grow QoQ

Equity Bottom-Up
137 Views, 12 Jan 2022 10:29
EXECUTIVE SUMMARY
  • Downgrade to HOLD rating due to limited upside, with a TP of Bt72, based on 30xPE’22E, derived from 2-years trailing average.Share price which is trading at premium to Asia ex-Japan
  • We expect solid 4Q21 earnings at Bt1.9bn (+9%QoQ, +31%YoY),backed by both sales growth and  margin expansion, given the demand recovery after the easing of ASEAN lockdown and multiple M&As consolidation
  • We expect 2022 earnings to grow strongly by 30%YoY, on the back of organic and inorganic growth; coupled with global demand recovery, that we anticipate in 4Q21 onwards
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