bullish
TPCH: Eroded by New Project Efficiency
We maintain HOLD rating with 2022E target price at Bt10.4, -13% from Bt12.00 previously, derived from 10.0xPE’22E. We expect TPCH earnings to gradually recover upon better running of new projects.
SUMMARY
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
- TPCH: Capacity Expansion Will Accelerate 2022 Earnings19 Nov 2021
- TPCH: Eroded by New Project Efficiency16 Aug 2021
- TPCH: Struggle from New Power Plants Start-Up22 Feb 2021
- TPCH: Growth Safe Haven16 Apr 2020
- TPCH: Solid Growth in 2020E23 Aug 2019
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