The share price of Property Perfect Public Company Limited (PF) rose ฿0.04/share or 8.16% to ฿0.53/share as of 15:35 local time in Thailand, with a trading value of 156 million baht.
DBS Vickers Securities (DBSVS) revised a recommendation from Fully Valued to “BUY” and also upgraded a target price to ฿0.61/share based on P/BV at 0.5x or equivalent to P/E at 9.5x.
Earnings in 2021-2022 are expected at 615 million baht and 1,252 million baht, respectively, compared to a loss of 1,046 million baht in 2020, reflecting a rebound in revenue, while foresaw a total revenue growth of 34% YoY and 7% YoY for the year 2021 and 2022 despite a flat in gross profit margin.
A rubber gloves production in collaboration with W.A. Rubbermate Co., Ltd. would generate about 3,000 million baht revenue this year and would increase to 10,000 million baht in 2022.