#MENA #Thunhoon-KGI Securities (Thailand) released a stock analysis of the company Mina Transport Public Company Limited or MENA with a buy recommendation with a target price of 3.30 baht per share, previously the Board of Directors of MENA has approved a joint venture with Tawandang Logistics Company to establish a joint venture company called TD Logistics Co., Ltd or TDM to provide transportation and distribution services for consumer products. and other logistics services MENA will hold a 35% stake in TDM, with which the research team expects to establish a joint venture in the first half of this year.
MENA will transfer 58 trucks to the joint venture company TDM, which assesses the net effect of the establishment of the joint venture company to be positive for MENA, which is expected to open the opportunity to manage the cargo. In the group of convenience stores, CJ Supermarket or CJ and have the opportunity to extend to the convenience store Cheap Dee Standard or TD and have the opportunity to expand the delivery service to other businesses. in the shareholder network “Tawandang”
The research department expects MENA to record a profit share from the joint venture of around 15 million baht in 2023 and increase to 41 million baht in 2024. There is upside if TDM prepares to list its shares on the stock market or IPO.
KGI’s research department expects to expand the fleet of transportation services. The net result of the establishment of the TDM joint venture will drive MENA’s profit this year to a new high of 79 million baht, an increase of 55% from the previous year, and next year it will continue to reach a new high of 114 million. baht, an increase of 44%, driven by TDM’s profit share to be recognized for the full year.
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