The Analyst Expects SISB to Record Pre-Covid Earnings in 4Q20, Raising TP to Bt12.50

The Analyst Expects SISB’s 4Q20 Earnings to Recover to Pre-Covid Level with a Positive Outlook for 2021-2022, Raising TP to Bt12.50/Share.

Tisco Securities has maintained “BUY” rating on SISB Public Company Limited (SISB) with an upgraded target price from ฿11.00/share to ฿12.50/share, expecting the company’s earnings to return to the normal level from the new semester and an increase number of students.

 

The security company maintained its positive outlook on SISB due to the following reasons;

1) SISB’s 4Q20 earnings should return to the normal level in response to the opening of the new semester and an increased number of students. However, earnings in 2020 were expected to decrease 36% from the impact of Covid-19.

2) The impact from coronavirus resurgence in 2021 would be only for one semester. The impact would be around 15% to SISB’s revenue from activities and meals.

3) The company expanded its construction in Thonburi for “Phase 2” and will be opening a new branch in Nonthaburi next year.

4) Tisco Securities lowered SISB’s 2021F earnings by 17% to 242 million baht, but still 72% higher than 2020F. The revised down reflected the impact of Coivd-19 resurgence. However, Tisco Securities upgraded 2022F earnings by 8% to 385 million baht to reflect the opening of the Nonthaburi branch.

 

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