Srisawad Power 1979
Srisawad Power 1979 Company Update
Buy (17E TP Bt58.00) Close Bt51.00
Financial May 30, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Preparing a platform for growth Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.354
2.830
KT ZMICO vs. consensus Share data
2.4%
1.1%
Reuters / Bloomberg
SAWAD.BK/SAWAD TB
Paid‐up Shares (m)
1,087.32
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
55.00/1,626.00
Foreign limit / actual (%)
49.00/22.54
52 week High / Low (Bt)
53.50/25.00
Avg. daily T/O (shares 000) NVDR (%)
6,586.00 8.80
Estimated free float (%)
47.41
Beta
1.45
URL
www.meebaanmeerod.com
CGR
Anti‐corruption
n.a.
Note: An executive of KT ZMICO Securities is also a member of SAWAD’s board and KT•ZMICO is a Financial Advisor for SAWAD.
Expect potential benefits from BFIT acquisition in L‐T We maintain our BUY rating for SAWAD for being among the top growth stocks in the financial sector. We expect that SAWAD’s move to restructure as a holding company and acquire BFIT will post benefits to SAWAD in the long term. Maintains business guidance SAWAD maintained its business guidance for 2017‐18E, which mainly includes 1) the likelihood of 20‐30% loan growth; 2) opening 200‐300 new branches; 3) target for NPL purchases of Bt2‐3bn; 4) target for new lending overseas, mainly in Myanmar, of ~Bt1bn (vs. ~Bt500m in 2016); and 5) capping SME collateral backed lending at
Buy (17E TP Bt58.00) Close Bt51.00
Financial May 30, 2017
Earnings upgrade/Earnings downgrade/Overview unchanged
Preparing a platform for growth Price Performance (%)
Source: SET Smart
FY17
FY18
Consensus EPS (Bt)
2.354
2.830
KT ZMICO vs. consensus Share data
2.4%
1.1%
Reuters / Bloomberg
SAWAD.BK/SAWAD TB
Paid‐up Shares (m)
1,087.32
Par (Bt)
1.00
Market cap (Bt bn / US$ m)
55.00/1,626.00
Foreign limit / actual (%)
49.00/22.54
52 week High / Low (Bt)
53.50/25.00
Avg. daily T/O (shares 000) NVDR (%)
6,586.00 8.80
Estimated free float (%)
47.41
Beta
1.45
URL
www.meebaanmeerod.com
CGR
Anti‐corruption
n.a.
Note: An executive of KT ZMICO Securities is also a member of SAWAD’s board and KT•ZMICO is a Financial Advisor for SAWAD.
Expect potential benefits from BFIT acquisition in L‐T We maintain our BUY rating for SAWAD for being among the top growth stocks in the financial sector. We expect that SAWAD’s move to restructure as a holding company and acquire BFIT will post benefits to SAWAD in the long term. Maintains business guidance SAWAD maintained its business guidance for 2017‐18E, which mainly includes 1) the likelihood of 20‐30% loan growth; 2) opening 200‐300 new branches; 3) target for NPL purchases of Bt2‐3bn; 4) target for new lending overseas, mainly in Myanmar, of ~Bt1bn (vs. ~Bt500m in 2016); and 5) capping SME collateral backed lending at
