SPREME closed the first day of trading at 2.30 baht, a decrease of 0.30 baht or -11.54% from the IPO price of 2.60 baht Trading value 1,266.19 million baht from the opening price of 3.42 baht, the highest price 3.48 baht, the lowest price 2.28 baht. .
Yuanta Securities said in its analysis that Supreme Distribution Public Company Limited (Spreme) is an SI with expertise in government education work under over 20 years of experience. The equipment rental company is an additional business.
Normalized profit in 2024-2025 is expected at 188 million baht and 214 million baht, or equivalent to growth of 20% and 14%, respectively, driven by bidding on more jobs and receiving more direct work.
We estimate the underlying value at the end of 2024 at 3.93 baht per share, based on a PER of 15.5 times, which is higher than the government SI group average, but supported by 20% growth in 2024.
The highlight of SPREME is the recovery of profits back to normal pre-COVID-19 levels following the government’s investment in education. and opportunities to expand new businesses linked to existing businesses through M&A after entering the market
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