Shares in JMART Group Surge as Strong Earnings Seen in Parent and Subsidiaries

Shares in JMART Group jumped in early Tuesday trading as investors anticipated the group’s entry in the SET50 Index.


The share price of Jay Mart Public Company Limited (SET: JMART) rose THB3.00/share or 5.39% to THB59.00/share, with a trading value of THB1,262 million.

The share price of JMT Network Services Public Company Limited (SET: JMT) rose THB4.50/share or 6.47% to THB74.00/share, with a trading value of THB1,550 million.

The share price of Singer Thailand Public Company Limited (SET: SINGER) rose THB2.00/share or 3.74% to THB55.50/share, with a trading value of THB554 million.


Maybank Securities (Thailand) (MST) maintains a “BUY” rating on JMART with a target price of THB75.00 per share, citing that in the short-term, the share price will be driven by the opportunity to be included in the SET50 index in mid-2022. But in the longer term, MST focus on subsidiaries’ growth will be a boost to normalised earnings growth in 2022-23 at THB2.082 billion and THB2.989 billion (+68 YoY / +44%YoY), or average (CAGR) of 42% pa over the next 3 years. 

In 2022, the subsidiary’s outlook keeps growing. (i) JMT grows on strong cash collection and further NPL portfolio expansion through JV x KBANK in mid-2022; (ii) SINGER, double franchise growth and title loan expansion +47%YoY; (iii) Mobile rises +68%, increase in IT, IoTs, Café products, expand new branches to increase efficiency; (iv) KBJ jumps +100%,  accelerates debtor base and loans by +50% YoY; (v) J realizes full-year profit from JAS Kubon and starts senior housing project (Senera); (v) JVC seeks digital transformation customers, estimated 1Q22 normalised profit of about THB400 million, flat QoQ, +20%YoY, prior to soaring in the rest of the year.