Stocks in Focus on November 22, 2019: CK and BEM
Stocks in Focus on November 22, 2019: CK (Maybank Kim Eng TP ฿25.00/share) and BEM (Kasikorn Securities ฿11.40/share).
Stocks in Focus on November 22, 2019: CK (Maybank Kim Eng TP ฿25.00/share) and BEM (Kasikorn Securities ฿11.40/share).
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Kaohoon Online has selected stocks with a potential of high growth for investors to consider on November 22, 2019.
 
Maybank Kim Eng has given a “T-BUY” recommendation on CH. Karnchang Public Company Limited (CK) with a target price at ฿25.00/share.
Maybank states that CK currently has a backlog, including new jobs that are about to sign as low as THB43b, the lowest in 10 years, meaning poor earnings outlook for 4Q19 and 2020. We have lowered our estimates.
Maybank expects more bidding in 2020. CK invests in the country’s leading infrastructures, BEM, CKP and TTW. Next year, BEM will recognize revenue from the Blue Line Extension for all routes, plus CKP recognizing full-year revenue from the Xayaburi project. Consequently, the increase in shares of profit from BEM and CKP should offset plunging profits from construction. The investments in subsidiaries remain high at THB77b or THB45 per share.
 
Kasikorn Securities (KS) has given an “Outperform” rating on Bangkok Express and Metro Public Company Limited (BEM) with a target price at ฿11.40/share.
KS expects BEM’s 4Q19 earnings growth on commercial operation of the second phase of the Blue Line extension. Eyes will be on the Cabinet’s consideration of the bidding plan for the Orange Line on Nov 26. KS believes BEM’s track record will give it a competitive advantage.
 