Equity Analysis /

TH : Mc Group - The rocky road to recovery

    14 January 2021
    Published byCGS-CIMB

    MC’s 2QFY6/21F earnings likely increased 4.5% yoy and 118% qoq, thanks to its strong online sales and improving GPM. We cut our FY20-22F core EPS by 3.1-8.6% to reflect the disruption in its sales recovery by a new wave of Covid-19 outbreak in Thailand in 3QFY21F. Reiterate Add with lower TP of THB11.1; FY21F yield attractive at 6.7%.