After posting higher-than-expected earnings in 2022, CRC’s stock jumped by as much as 5% in Wednesday’s early trade. Experts anticipate that Thailand’s leading retailing chain will keep growing strongly through 1Q23.
As of 10.08 A.M. (Thai time), the share price of Central Retail Corporation Pcl. (SET: CRC) rose THB2.25/share, or 5.03%, to THB47.00/share, with a trading value of THB1,219 million.
Central Retail top performs in 2022, sweeping a revenue of THB236,245 million or 21% growth with a net profit of THB7,605 million or 2,648% growth, and announces dividend of THB0.48 per share.
Mr. Yol Phokasub, Chief Executive Officer of CRC stated, “Central Retail has been driving the business with the CRC Retailigence strategy, resulting in leaping growth with 4Q22 performance showing a revenue of THB65,147 million (+11% YoY), EBITDA THB9,497 million (+18% YoY) with a net profit of THB3,417 million (+39% YoY), outperforming 2022 performance targets by generating a total revenue of THB236,245 million (+21% YoY), EBITDA THB30,049 million (+50% YoY) with a net profit of THB7,605 million (+2,648% YoY). The company aims to deliver a dividend to shareholders at THB0.48 per share with an approval pending at the Annual General Meeting.
According to Maybank Securities (Thailand) (MST), CRC’s 4Q22 net profit increased by +182% QoQ and 40% year on year to THB3.311 billion. Removing extra items, normalized profit increased 108% QoQ and 21% year on year to THB2.685 billion. This is 24% greater than the market’s forecast. The current SSSG YTD is still good at 11-13%, which will help 1Q23 profits growth to remain strong. Giving a “BUY” recommendation with a target price of THB50.00
