Reporters reported that today (23 February 2024) the stock price Com7 Public Company Limited or COM7 At 11:03 am, it was at the level of 20.90 baht, minus 1.60 baht or 7.11%, the highest price at 21.50 baht, the lowest at 20.80 baht, with a trading value of 941.23 million baht.
As for the stock price, it has continued to fall. After the company reported operating results for 2023, it had a net profit of 2,857.17 million baht, a decrease of 180.5 million baht or a decrease of 5.9% from the same period last year at 3,037.71 million baht, due to lower income growth than expected. . from the slowdown in consumer spending throughout the year Especially at the end of the year, which is expected to be the company’s high season, together with increased expenses.
The company is ready to pay interim dividends. From the operating period from 1 January 2023 to 31 December 2023 in cash at the rate of 0.70 baht per share, the date of non-receipt of dividend rights (XD) is 07 March 2024 and it was Paid on 10 May 2024
Dao Securities (Thailand) Public Company Limited It is said in the analysis that Adjust the recommendation down to “sell” on COM7 shares (from previously bought) and adjust the target price down to 20.00 baht, based on a 2024 PER of 16 times (the original target price was 30.00 baht, based on 2024 PER of 21 times), as a result of Adjusting net profit and discount rate PER down to reflect the gross profit margin (GPM) which will decrease due to high competition during weak economic times.
The company reported 4Q23 net profit of 668 million baht, down 27% from the same period last year but up 9% from the previous quarter. which is lower than the market expectation of 933 million baht, due to 1.) low income expansion It expanded only 7% from the same period last year and expanded 23% from the previous quarter. following a slowdown in consumption, 2.) gross profit (GPM) decreased to 11.6% of sales promotions, and 3.) operating costs increased. The analysis department adjusted the net profit for 2024 down -16% to 3.0 billion baht, an increase of 6% from the same period last year. The reason was a decrease in revenue and gross profit margin as well as an increase in the expenditure ratio (SG&A/sales).
In addition, it is estimated that net profit in the first quarter of 2024 will expand at a low level, because the positive income from the e-Receipt measure is affected by high marketing costs. and interest costs increased Furthermore, the stock price is weaker than the market. (SET underperformed -19%) over the last 6 months Due to concerns about increased financial costs
The analysis department recommends “Sell” due to operating results that will expand low in 2024, gross profit margins that will not improve as the economy continues to slow. Especially in the first half of 2024, while the positive results of buying back DUO7 shares of Sabai Technology Public Company Limited or SABUY Still quite limited
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