Stocks in Focus on March 28, 2023: TOP and AEONTS

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on March 28, 2023.


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 stated that the overall outlook in 1Q22 should recover (QoQ), boosted by gasoline spread and recovering diesel in March, while crude premium is on a decline. MST noted that PX spread has the momentum to go higher, while the valuation is currently at 0.68x PBV, which is an attractive price to accumulate.


KGI Securities (KGI) has given an “Outperform” rating on Aeon Thana Sinsap (Thailand) Public Company Limited (SET: AEONTS) with a target price at ฿210.00/share.

KGI expected AEONTS to report weak earnings in 4Q22/23F (ending Feb-23) due to high credit cost and no extra gain on selling NPLs. However, KGI stated that it foresees good signs for NPLs as the company sees a slower pace of rise with employment in the tourism segment improving. Thus, weak earnings in 4Q22/23F should be the bottom. To factor in a prolonged economic recovery from the tourism sector and better employment conditions, KGI rolled its target price over to Bt210, from Bt184, based on re-rated PE 11.3x (long-term mean PE), up from PE 10x in the previous forecast reflect its better outlooks and also upgraded AEONTS to Outperform, from Neutral.