Cpanel Public Company Limited (CPANEL) gained ฿1.55/share or 25.83% to ฿7.55/share on its first trading day, with a trading value of 620.95 million baht, surpassing above its IPO price of ฿6.00/share.
KTBST Securities has set a target price of 8.00 baht on CPANEL, based on a 2021E PER of 18.0x and EPS of 0.44 baht, or +1.5 SD above the company’s seven-year average.
CPANEL has a total backlog of 1.2 billion baht as of the first half of 2021, which is sufficient to generate revenue throughout 2022. Earnings are predicted to return (+143%YoY) in 2021 and continue to grow until 2022 (+108%YoY), while GPM remains stable at 37-38%, owing to economies of scale and excellent cost management.
CPANEL is manufacturer and distributor of precast concrete slab and wall panel and building components made from precast concrete. CPANEL is one of five companies in Thailand that applies a fully automated system for its production. The company sees an advantage from the trend of using precast concrete products, especially in real estate operators.
CPANEL plans to build another new facility, beginning construction in 2Q22, to support future expansion.