Finansia Cyrus Securities Company Specified in the analysis (12 Nov. 21) appraisal about stocks.T.A.C. Consumer Public Company Limitedor TACC After reporting net profit for the third quarter of 2021 was 56 million baht, an increase of 3.6% compared to the previous quarter and an increase of 19.5% compared to the same period last year.
Excluding FX Gain of 3.9 million baht, there will be a normal profit equal to 52 million baht, stable compared to the previous quarter, increasing 15.3% compared to the same period last year, better than expected by 5%, which was previously expected at 49.50 million baht. Therefore, it is considered a good profit. Under the Covid situation, which affects major customers such as 7-11, the number of customers entering the store decreased and supply chain problems resulted in revenue in this quarter 11.9% compared to the previous quarter, a decrease of 10.2% compared to the same period. of the previous year
However, with the ability to manage costs and expenses rigorously. As a trading business, it has high flexibility in management. Consequently, gross profit margin dropped slightly to 38.2% from 38.9% in 2Q21 and also increased from 32.2% in 3Q2020 due to the effect of Product Mix, a 22-ounce beverage, mainly due to the outsourcing of OEMs in Product production and cost control continued to be 20.9% stable compared to the previous quarter. Compared to the same period last year, the SG&A to Sale ratio was well controlled by 17.9% from 19.9% in 2Q21 and 16% in 3Q/2020. The share of loss from associated companies decreased to 400,000 baht from 8. Hundred thousand baht in the 2nd quarter of 2021 because it is in the beginning of TCI’s business in the hemp business.
while the 9-month period of 2021 was 156 million baht, an increase of 14% compared to the same period of the year. It accounts for 75% of the full-year projection. Profits in Q4/21 will grow better following the easing of lockdown measures. and spending atmosphere This will support the recovery of the number of customers entering the stores of 7-11 and the character business that customers are confident to come back to market again.
In addition, in the past, the company has focused more on expanding into new customers such as Lotus’s, Bao Café and is in the process of negotiating to develop a business relationship with Bon Café. the first quarter of 2022 onwards. Hemp business Waiting for raw materials and cannabis extracts The company has a plan to develop it into a product that it specializes in. Expect to see hemp products from the company very soon. First half of 2022
The net profit forecast for 2021-2022 remains at 206 million baht, an increase of 9.3% compared to the same period last year and 249 million baht, an increase of 20.9% compared to the same period last year, respectively, and maintains the target price of 9.5. baht (based on the original PE 23 times)
