NRF: Earnings upside beckons

  • Impressive 3Q20 results expected
  • High sales visibility throughout 1H21
  • Earnings upside beckons

Share price will gain a positive catalyst from impressive growth in 3Q20 result forecast (to be posted on Nov 13).  With scope for earnings upside, valuation will look much cheaper with a 2021 PER of 43.6x to 34.9x. Our BUY rating stands at a YE21-derived target price of Bt8.00 (7.9% WACC and 3.0% terminal growth rate).

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