CNS Raises WORK as Top Pick with a Target Price of Bt30.25

The share price of Workpoint Entertainment Public Company Limited (WORK) increased 14% in the morning session to ฿21.30/share with a trading value of 285 million baht.

 

Capital Nomura Securities (CNS) has raised WORK as its top pick among the sector with a “BUY” recommendation and a target price at ฿30.25/share.

CNS stated that the company responded well in handling the Covid-19 situation and the earnings in 2Q21 was 37% higher than what the analyst had expected. WORK reported 2Q21 earnings at 154 million baht (+7,255% YoY and 31% QoQ), while its new programmes also have high ratings, along with an efficient cost and expenses management. CNS estimated WORK to continue growing with a 29% net profit growth in 2022 to 547 million baht.

Meanwhile, the share price is trading at 15x of PER 22F, which is lower than its 4-year historical average of 24x and its sector value of 25x.