SCG Packaging Public Company Limited

SCGP: Expect 4Q21 Earnings to Grow QoQ

Equity Bottom-Up
137 Views, 12 Jan 2022 10:29
  • 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
detail (3-minute read)
Top Quartile
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...