We expect CK to sign a few large infra projects in FY23F (the Luang Prabang hydropower project, the Orange Line and the Double Deck Expressway). We revise up our net profit forecasts by 4-69% for FY23-24F on the back of revenue recognition from these large infra projects. We reiterate our Add call with a higher THB33.20 target price (2x FY23F P/BV, +2 s.d. from its 5-year mean).
Equity Analysis /
Thailand