D.B.S. Vickers Securities

As of 12.45 local time in Thailand, the share price of Humanica Public Company Limited (HUMAN) was at THB9.15 increased THB0.45 or 5.17%. During the session, the highest of HUMAN’ share price was THB9.20 and lowest was THB8.80 with a trading value of THB32 million. The share price of HUMAN has increased to the highest value in the 3 months since the price was at THB9.15 on 2 April 2018. D.B.S. Vickers Securities stated HUMAN has still focused on the organization customer in terms of human resources management services and payroll outsourcing. Additionally, HUMAN is in the process of negotiation to the customer of the 4-5 company, expecting to recognize the revenue starting from 2H19. Moreover, D.B.S. Vickers viewed a combining and purchasing of HR software business as an external growth and expected a profit growth this year and next year to increase continuously. Therefore, D.B.S. Vickers set the target price at THB10.90/share by referring to DCF