TH : Mc Group - EPS expansion despite Covid-19 hit

3QFY6/21 net profit of THB93m (+19.5% yoy, -59% qoq) was in line with our forecast. Despite Covid-19 disruptions, we expect MC’s EPS to recover in FY21-22F, on the back of FY20’s low base and on-track execution of its strategies. Reiterate Add, with a lower TP of THB11 (FY22F P/E of 16x, 5-year average).

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