Stocks in Focus on November 30, 2022: TOP and IP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 30, 2022.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Thai Oil Public Company Limited (SET: TOP) with a target price at ฿62.00/share.

MST expected 4Q22 earnings outlook should recover QoQ due to the absence of stock and FX losses that will not occur. Combined with the trend of lower oil prices, it is expected that Saudi Arabia is likely to reduce Asia’s Crude Premium in January further, following many countries that are facing higher demand risks.


Finansia Syrus Securities (FSS) has given a “BUY” recommendation on Inter Pharma Public Company Limited (mai: IP) with a target price at ฿21.00/share.

FSS stated that IP completed its acquisition of a 50% stake in Nakhon Patana Hospital in 4Q22. It should raise the 4Q22 profit to a record high of Bt49mn (+60% Q-Q, +35% Y-Y). Of that, 67% would come from its existing businesses, which implies slowprogress. It would be due to LAB Pharmacy’s slow recovery, which would generate insufficient revenue for economies of scale. However, the outlook should improve next year due to an aggressive expansion of 15 branches.

FSS expected the 2022 profit at Bt140mn (+33% Y-Y). Also, the 2023 profit should jump by 60% Y-Y to Bt225mn (67% from its existing businesses, 16% from LAB, and 18% from Nakhon Patana Hospital). IP decreases to where it now implies a 2023 PE of 24x (vs. its historical average of 39x).