bullish
STI: Solid Groundwork Laid for an Attractive Investment
SUMMARY
We initiate coverage on STI with a BUY recommendation based on a target price of Bt10.10, implying an upside of 29% from the current price. We derive our target price from a sum-of-the-parts approach and apply a 15% small-cap discount.
Investment thesis:
- Recent acquisition gives access to government infrastructure projects
- Major shareholder as a key strategic partner for deal flow
- Backlog ensures strong near-term growth and revenue stability
Risks: Reliance on limited industries, delay in project completion, shortage of experienced personnel, and adverse regulatory changes.
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A. Stotz Investment Research
Quantamental Investing to beat Benchmarks
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