#Thanhoon – ASL Securities is looking at TGE stocks or Chang Green Energy Public Company Limited is Recommend “buy” with a target price of 3.10 baht.
with the SOTP method, adjusted according to the number of projects being developed in accordance with the winning results of the application for a municipal waste power plant as planned However, in the year 2023, the net profit has decreased according to the increased investment. But it will be a good foundation from which the New S-curve will be born from the year 67 onwards.
Target price raised to 3.10 baht, still has a lot of hidden value **
However, the fair valuation at the end of 2023 is 3.10 baht / share using the SOTP method, which comes from a total of 8 power plant projects, divided into 3 biomass power plants that have already raised COD at 0.69 baht / share; 3 projects under development, worth 0.83 baht per share, and 2 power stations that have just won the auction, worth 1.58 baht.
However, TGE still has many hidden values. The company plans to grow the organic growth of both by expanding into a Carbon credit business. Currently, biomass power plants that have received COD have registered for carbon credit for almost 40,000 tonnes per year already. And there is also a chance that 5 community waste-to-energy stations being developed will receive additional carbon credit, potentially up to 100,000 tonnes per year. Including participation in government tenders and inorganic growth through M&A and JV.
** ASL Securities recommends “Buy” with a target price of 3.10 baht.