Equity Analysis /
Thailand

TH : Siam Makro - Impact of public offering

    Chaiyatorn Sricharoen
    Chaiyatorn Sricharoen

    Research Analyst, CFA

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    CGS-CIMB
    3 January 2022
    Published byCGS-CIMB

    MAKRO failed to increase its capital as planned. We cut FY21-23F EPS by 3-17% following the PO. Reiterate Hold with a lower TP of THB44.