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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Sahamitr Pressure Container / Equity Bottom-Up

SMPC had 4Q17 EPS of Bt0.32 (+47% YoY and +14% QoQ). The FY2017 EPS was Bt1.00 and 7% better than our forecast. <ul class="">
<li>SMPC reported flat earnings in 2017 at Bt532m.</li>
<li>2H17 gross margin recovered to normalized level.</li>
<li>Demand grew ahead in Asia-Pacific and Africa and spurred sales to grow 25%YoY.</li>
</ul>We rate SMPC as a BUY with 31% upside to our target price of Bt18*.<a href="https://www.smartkarma.com/insights/smpc-top-three-of-global-lpg-cylinder-manufacturers" target="_blank">SMPC: Top-Three of Global LPG Cylinder Manufacturers</a>*We make no changes to forecast, recommendation, and target price at the time of result…

SMPC had 4Q17 EPS of Bt0.32 (+47% YoY and +14% QoQ). The FY2017 EPS was Bt1.00 and 7% better than our forecast. 
SMPC reported flat earnings in 2017 at Bt532m.
2H17 gross margin recovered to normalized level.
Demand grew ahead in Asia-Pacific and Africa and spurred sales to grow 25%YoY.
We rate SMPC as a BUY with 31% upside to our target price of Bt18*.SMPC: Top-Three of Global LPG Cylinder Manufacturers*We make no changes to forecast, recommendation, and target price at the time of result…

SMPC:  25% Sales Growth Causes a Stable 2017 Net Profit