Stock dimension – Finansia Syrus Securities revealed that the research department recommends “Gain weight” investing in MAKRO stocks and choosing it as a top pick because after reporting Q4/22 earnings of 2.47 billion baht, growing 54% qq and growing 4% yy, recovering close to what the market expected. This was supported by accelerated sales from strong wholesale SSSG, while retail SSSG was positive in Thailand but negative in Malaysia.
For the whole year 2022, normalized profit was at 7.7 billion baht, growing 10% yy. Q1/23 momentum is expected to recover continuously due to SSSG of both wholesale and retail businesses that are still positive, and the occupancy rate of rental space is as high as 90%. Consensus Profit expected in 2023 at 11.7 billion baht, growing 50% yy, recommending “speculative” with a target price of 44 baht.
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