Equity Analysis /

TH : Carabao Group - Recovery with uncertainties

    Chaiyatorn Sricharoen
    Chaiyatorn Sricharoen

    Research Analyst, CFA

    22 November 2021
    Published by

    Similar to most Thai consumer firms, we believe CBG’s net profit bottomed out in 3Q21 and recovery should take off in 4Q21F. However, its road to recovery appears to be the most shrouded given numerous uncertainties. Reiterate Hold and DCF-based TP of THB123.50.