JMART Gains 29% in 2 Weeks; Analyst Raises TP to THB50.50 on Expected Record 4Q21 Profit
JMART rallied 29% in two weeks as the 3Q21 results came in higher than expected, with a profit of THB269 million
As of 12:05 local time in Thailand, the share price of Jay Mart Public Company Limited (JMART) rose THB1.25/share or 2.56% to THB50/share, with a trading value of THB364 million.
Since November 4, 2021, when the share price ended at 39.00 baht, JMART’s share price has been climbing for two weeks, representing an increase of 11.25 baht or 28.84%.
Maybank Kim Eng Securities (Thailand) (MBKET) has a positive view on and gives “BUY” recommendations on JMART with an upgrade on the target price.
MBKET expected the better-than-expected net profit for JMART was due to the performance of its financial segment that was able to maintain growth rate in the quarter even though the retail sector was impacted by the lockdown. MBKET stated that the recovery in the fourth quarter will hit a record high at 1.2 billion baht, representing an increase by 56%, seeing an opportunity for an entry before the analyst meeting on November 18, 2021, that the market would have a positive reaction on the completion of VGI and U later this year. The synergy will financially support JMART and its business outlook significantly in 2022-2023. MBKET revised up JMART’s target price from THB46.50 to THB50.50 per share.
