Stock Dimensions – CK Showing a strong performance, the backlog of luxury business has exceeded 140 billion baht, and the broker expects 2024 revenue to reach nearly 40 billion baht, the highest level in 8 years.
CK or CK Karnchang Public Company Limited of Dao Securities (Thailand) said it expects construction business income in 2024 to grow at the highest level in 8 years at 39 billion baht, up 7% from the current backlog at the high level of 140. billion. Fading (+145% YTD) and progress on larger projects accelerating further. Especially the Southern Purple Line and Luang Prabang. There is still an opportunity to add new works on an ongoing basis.
Especially the double-storey project and the orange line in the first quarter/67. The “buy” recommendation targets 27 baht per share.
Expect earnings to grow exponentially in 2023-2024.
DBS Vickers Securities (Thailand) recommends 'buy' at base price of 26 baht, expects 2023-2024 net earnings to grow by +54% and +19% respectively, from significant accretion including strong profit sharing from investments
BEM creates more than one billion jobs
Meanwhile, there was a recent news report that CK had won works from BEM worth a total of 1,020.17 million baht, divided into maintenance and civil works improvements. Si Rat Expressway and Prachim-Rataya Expressway in the amount of 618.16 million baht and maintenance and improvement of civil works of Udon-Rataya Expressway in the amount of 402 million baht.
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