We initiate coverage on TEAMG with a BUY recommendation based on a target price of Bt2.42, implying an upside of 20% from the current share price. We derive our target price from a DCF-based valuation using a WACC of 7.4% and a terminal growth rate of 2%.
Investment thesis:
Risks: Recruitment of qualified personnel, delay in project completion, changes in government policies, increased competition from overseas, failure to keep pace with technological trends.
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