Tax exemption not exceeding 50,000 baht from January 1 to February 15, 2024 to stimulate consumption in the country after the cabinet approved the “easy e-receipt” initiative. Products in the mobile phone and electronic devices group may be the first choice. Many interested securities analysts will benefit from issues such as shares of Com7 Public Company Limited or COM7 shares, one of the major IT product distributors.
TBS Vickers Securities (Thailand) said in its research that it expects 4Q23 net profit to improve from the previous quarter. But it may be weaker compared to last year. In October 2023, same store sales growth (SSSG) was 5%. We expect 4Q23 sales to pick up and be the highest this year. Although the Easy e-Receive plan will slow down smartphone sales in late 2023
Gross profit margin (GPM) may be lower than the previous quarter and below the company's target of 13.5%. Operating expenses/income ratio has decreased as revenue has increased. Loss from BeBePhone is minimal. Overall, the final net profit for the 4th quarter of 2023 is expected to be better than the previous quarter. But it is slightly lower than the same period last year.
In the 1st quarter of 2024, Jan. There is a good trend from Easy e-Receive program from 1 – 15 February 2024, which is expected to buy more smartphones during this period. Because the cost of purchasing goods cannot exceed 50,000 baht per person (by using the online tax invoice), resulting in a better income.
However, it is recommended to buy and collect. Give base price of 28.30 baht. Net profit is expected to remain flat in 2023, then grow to 12% in 2024 as a result of the government's spending stimulus plan. And the expansion of the company's branches has also increased the market share (market share) from competing for market share from smaller players.
Analysis Page recommends Financia Cyrus Securities Public Company Limited to “Buy” with a target price of 30 baht, expecting a rise in 4Q23 profit from the previous quarter. And expect to remain flat or grow slightly compared to last year after sales start in September 2023, supported by iPhone 15 sales for the entire quarter.
At the same time, 1Q24 momentum is expected to remain strong. A tax exemption of 50,000 baht for goods in the mobile phone group, supported by e-receipts and electrical appliances, is expected to be the target of spending.
In addition, profits in 2023 are expected to grow by 3% from the previous year and increase by 11% in 2024. The current price is trading at a P/E ratio of only 15.9 times with support of 21.70-21.40 baht and resistance. 23.80-24 baht and 25 baht
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