The share price of Berli Jucker Public Company Limited (BJC) rose THB1.25/share or 3.60% to THB36.00/share as of 15:45 local time in Thailand, with a trading value of 530 million baht.
Maybank Kim Eng Securities (Thailand) (MBKET) rates BJC as a “BUY” with a THB42 target price. BJC has been on a steady recovery path since Thailand eased the lockdown in late October, allowing Big C’s SSSG to rebound slightly in October, particularly in Bangkok, where stores returned more swiftly than in other provinces. Meanwhile, revenue from other businesses grew 11% in October, led by the order for glass packaging, which was boosted by a rebound in exports and increasing demand for cans in Vietnam.
MBKET anticipates that BJC’s profit will see a certain rebound in 2022 from all businesses, particularly Big C, in which consumer product sales would recover after the lockdown is lifted. This would result in an increase in gross margin.
