MBKET Sees a Good Opportunity to Accumulate AEONTS with a TP at Bt260
MBKET expects AEONTS to reduce excess loan-loss reserve (LLR) to support FY21E, recommending "BUY" at Bt260 per share.
Maybank Kim Eng has given a “BUY” recommendation on Aeon Thana Sinsap (Thailand) Public Company Limited (AEONTS) with a target price at ฿260.00/share.
Maybank stated that given weak revenue growth in the near term, it expected AEONTS to reduce excess loan-loss reserve (LLR) to support FY21E EPS to grow by 10% YoY.
Maybank stated that this is a good opportunity to accumulate the stock as it’s trading at an attractive 12x FY21E PER and 2.8x P/BV, while expecting rising vaccination rates and lower cases per day to improve card spending in 2H21.
In addition, Maybank maintained BUY and THB260 TP, based on 3.3x FY21E P/BV, 16x PER and 21.5% ROE. Key risks are deterioration in asset quality and potential cut in interest rate cap.
