The share price of Carabao Group Public Company Limited (CBG) rose ฿3.50/share or 3.04% to ฿118.50/share with a trading value of 1,211 million baht as of 11:43 local time in Thailand on Tuesday.
Krungsri Securities has given a “BUY” recommendation on CBG with a target price at ฿145.00/share, expecting the earnings in 4Q20 to reach a new high, benefiting from the government’s 50-50 scheme and its new product Woody C+ Lock to boost its sales revenue. The company also launched its own bottle packaging, resulting in lower cost.
Maybank Kim Eng has given a “Speculative Buy” recommendation on CBG, citing that the 3Q20 earnings was in line with its forecast by rising 25% to make a new high. Maybank expected the momentum to continue in 4Q20 as domestic sales will be boosted by the government’s 50-50 scheme and Woody C+ Lock, giving a target price at Bt126-Bt137