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𝛼SK
𝛼SKTEAMG: Government Stimulus Should Support Sales Growth
SUMMARY
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:
- Government stimulus leads to large-scale investment projects
- Introducing advanced building software to stay competitive
- Continued market expansion in neighboring countries
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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