The share price of CP Axtra Public Company Limited (SET: CPAXT) rose 8% in the morning session on Friday to THB30.50 on Friday as brokers were optimistic on the 4Q23 and 1Q24 results following numerous supporting measures from the government.
Yuanta Securities recommended “BUY” on CPAXT with a target price at THB32.50 per share, citing growth in 1Q24 from 1) higher sales from the government’s Easy e-Receipt measure, 2) lower expenses from Economy of Scale through online channels, 3) lower electricity cost and 4) lower interest bearing debt.
Bualuang Securities (BLS) stated that CPAXT’s performance in 4Q23 and 2023 may come at a surprise to the market with 3-3.1 billion baht of profit in 4Q23 and 8.4-8.5 billion baht in 2023. BLS eyed 2024 bottom line at 10.2 billion baht with a “BUY” recommendation and a target price at THB31.00 per share.
