Stocks in Focus on December 4, 2020: BAM and TOP

Stocks in Focus on December 4, 2020: BAM (Kasikorn Securities TP at ฿25.50/share) and TOP (KGI Securities TP at ฿61.00/share).

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on December 4, 2020.

 

Kasikorn Securities (KS) has given a “BUY” recommendation on Bangkok Commercial Asset Management Public Company Limited (BAM) with a target price at ฿25.50/share.

KS stated that BAM has potential upside to its 2020-21 earnings forecasts from medium to large scale NPLs and NPA sales during 4Q20 to 1H21. Meanwhile, cash collection from Legal Execution Department auctions is likely to rise in 4Q20 due to robust selling activities in 3Q20.

 

KGI Securities has given an “Outperform” rating on Thai Oil Public Company Limited (TOP) with a target price at ฿61.00/share.

KGI expected TOP to report 2021 earnings of Bt8.5bn, jumping YoY from a net loss of Bt4.3bn in 2020 mainly thanks to i) higher stock gain of Bt2.6bn, up YoY from a stock loss of Bt8.1bn in 2020, and ii) base GRM soaring YoY from US$0.3/bbl to US$3.3/bbl in 2021.

The security company upgraded 2021 target price to Bt61.00, from Bt52.00, based on better EV/EBITDA multiple from 6.5x to 7.0x to reflect the earnings upgrade in 2021 and its forecast for high earnings growth next year.

KGI also expected significantly higher 4Q20 earnings thanks to an extra gain of Bt5.6bn from selling its 8.91% stake in GPSC..

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