CRC jumps 6.45% as Krungsri expects Q3 2569 normalized profit to grow 23%

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Summary · why it matters

CRC shares jumped 6.45% after Krungsri Securities estimated that normalized profit for the third quarter of 2569 will grow 23% year on year. Krungsri expects the retail group excluding IT products to post combined normalized profit of 14.1 billion baht, up 9% from a year earlier but down 15% from the previous quarter, on total sales of 509.2 billion baht, up 3% year on year and down 3% quarter on quarter. The average normalized margin is expected at 6.0%, up from 5.9% in the third quarter of 2568 but down from 7.4% in the second quarter of 2569 due to seasonal factors. By company, Krungsri expects BJC to post the highest normalized profit growth at 35%, followed by DOHOME at 33%, CRC at 23% and GLOBAL at 20%, while CPAXT is expected to see profit fall 14%, the only company to decline. For CRC's same-store sales in September 2569, growth came in at 2%, improving from 1.5% in August, driven by its food business in Thailand, which grew more than 10%. Krungsri maintains a NEUTRAL weighting on the retail sector but picks CRC as its short-term top pick, citing fourth-quarter 2569 catalysts including the IMF-World Bank meetings in Bangkok from October 12 to 18 and a low sales base in late last year.

Impact on assets 5

Consumer Discretionary▲
Consumer Staples± Mixed
Berli Jucker PCL
BJC
▲ PositiveCapitalrelevance

Krungsri expects BJC to post the highest normalized profit growth at 35% in Q3 2569.