Reporters reported that Siam Makro Public Company Limited or MACRO Finally, the stock price closed on Jan. 16, 2023, rising to 43.50 baht, plus 1.00 baht, or up 2.35% with a trading value of 1,488.64 million baht, which is the highest price in the past 10 months, back equal to the offering price. of newly issued shares (PO) at 43.50 baht per share, representing a total offering value of not more than 62,205 million baht (including the value of over-stocked shares) atclosed to the existing shareholders of MAKRO, CPALL and CPF are eligible and retail investors have already subscribed.Entered trading on 24 December 2021
After the initial public offering of MAKRO shares, the shares have been trading since December 24, 2021. The stock price on the board has continued to decline. Mother on the way will bounce up a bit, but slightly higher, probably lower than the capital increase price. until the price dropped to as low as 32 baht on October 3, 2022, and then the price gradually bounced up until the last time it hit the capital increase price itself
On Nomura Securities, Phatthanasin stated that the rebounded stock price hit the capital increase price. It may be due to short-term supporting factors, both Fund flow and Fundamental, which is expected that MAKRO will enter MSCI around this February, which is expected to be announced on February 9, 2023 and will take effect on February 28, 2023 with a level of confidence. Higher than 110 million US dollars, equivalent to 7 days of average trading value, will flow in.
coupled with better consumption trends Although the policy is a conservative company, but the 2023 revenue target is set to grow more than 15% with the same store (SSSG) increasing by 7%, including the opening of MAKRO stores that will accelerate both Thai and foreign countries. It will add up to positive momentum to the market’s Earnings revision.
However, normalized profit is expected in Q4/2022 to be the highest point of the year at 2.2-2.3 billion baht, growing 40% from the previous quarter due to the high season of tourism by the same store (SSSG) in October-November 2022 turn around. come plus both MAKRO (up 8-9%) and Lotus (up 1-3%), estimating normalized profit in 2022 at 7.5 billion baht, an increase of 4% compared to the same period last year and expected profit in 2022 2023, high growth, increasing 75% to 13 billion baht, driven by more synergy between wholesale and retail businesses. Give a target price of 48.00 baht.
In addition, it is estimated that In Q1/2023, it is expected that MAKRO will continue to improve, especially the measures “Shop well, have a night” support, including an ever-improving tourism while the company plans to reduce debt, refinancing will make the company have a better financial position.
Another part that drives MAKRO’s share price is increasing Free Float to 15.04% from 13.53% previously. Charoen Pokphand Holding Co., Ltd. (CPH) sells MAKRO shares to the fund, giving MAKRO an opportunity to enter MSCI, which opens up more channels for foreign investors to trade. The more MAKRO shares have a better chance and the stock price rises.
As for the past performance, during the first 9 months ending September 30, 2022, the company had a net profit of 5,225.47 million baht, an increase of 13.78% compared to the same period last year with a net profit of 4,592.72 million baht, as a result of the business group. Retailers have increased sales revenue. Due to sales growth in all distribution channels However, Lotus’s Thailand’s online sales increased.
In addition, revenue from rental and service of shopping centers continued to grow. The occupancy rate was 91%, continuing to improve from the previous quarter and the same quarter last year.
