Stocks in Focus on February 22, 2022: XO and CKP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on February 22, 2022.


KGI Securities has given an “Outperform” rating on Exotic Food Public Company Limited (SET: XO) with a target price at ฿30.00/share.

KGI Securities stated that XO reported a 4Q21 net profit of Bt108mn (+31% YoY, +14% QoQ). Earnings growth was mainly due to revenue growth from supply chain disruption recovery and economies of scale. KGI Securities expected XO’s earnings to grow 21% YoY in 2022F to Bt560mn as the company has a strategy to strengthen its footing in Europe which is its main market via more marketing activities. XO announced a cash dividend payment of Bt0.41/share (XD on March 7), implying a dividend yield of 2.1%. KGI Securities maintained an Outperform rating with a 2022 target price of Bt30.00, based on a PER of 22.7x.


Maybank Securities (Thailand) (MST) has given a “Buy” recommendation on CK Power Public Company Limited (SET: CKP) with a target price at ฿6.50/share.

MST stated that the Chinese dams with the two largest reservoirs on the Mekong River in Jan.- Feb., Xiaowan reported a 10.75b m3 of usable water storage, accounting for 96% of capacity, and Nuozhadu has water storage of 8.83b m3, accounting for 78% of capacity. The total capacity of the northern dam is 21.32b m3, accounting for 85% of the capacity, similar to the previous year. If the amount of rain is the same as the previous year, this year’s electricity sales of Xayaburi will be higher close to last year at 7,304GWh and share profits from investments in Xayaburi should increase up to THB1.487b. The Nam Ngum 2 dam has a water storage volume of 1.92b m3, or 64% of the water capacity. Combining BIC and BKC power plants, MST expected 2022 earnings to remain outstanding at THB2.3b, a slight 5.6% increase YoY, mainly from Xayaburi’s share of profit.

CKP has announced a 2021 profit dividend of THB0.08, representing 30% of profit and has a low dividend yield of 1.6%. The negotiation of the 1,410MW Luang Prabang power plant is progressing and adds to upside. The target price (SOTP) is THB6.50 with the discounted cash flow of various projects. BUY.