Equity Analysis /
Thailand

TH : CH. Karnchang - Large infra projects to drive earnings

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

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    CGS-CIMB
    28 November 2022
    Published byCGS-CIMB

    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).