TH : CH. Karnchang - Attractive risk/reward

1Q21 net loss (excludes THB383m interest compensation for construction services) was in line with our forecast but worse than Bloomberg consensus’. Its weak revenue was cushioned by decent gross margin, despite rising steel prices. Winning a hydroelectric dam project in Laos would boost its backlog. Reiterate Add with an unchanged THB19 target price, still based on 1.2x FY21F P/BV (1 s.d. below its 5-year mean).

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