Shares of JMART and JMT slipped on Friday as the risk of being removed from Thailand’s benchmark SET50 index escalated, dampening investor sentiment.
As of 10.49 A.M. Bangkok time, the share price of Jaymart Group Holdings Pcl. (SET: JMART) dropped THB0.30/share, or 1.49%, to THB19.80/share, with a trading value of THB109 million.
The share price of JMT Network Services Pcl. (SET: JMT) dropped THB1.50/share, or 3.53%, to THB41.00/share, with a trading value of THB423 million.
The continuing decline in the value of JMART and JMT shares has led analysts to believe that both will be delisted from the SET50 index.
KGI Securities said that poor investor sentiment was further fueled by the company’s loss-making performance in the first quarter and the lack of any indication of improvement in the coming months, given pressure from its subsidiaries SINGER and SGC. Furthermore, there is the risk that JMT’s profits might not grow as anticipated.
The brokerage cut its 2023/2024 net profit forecasts for JMART by 42%/20%, and cut the target price to THB22.00, from THB34.00, while maintaining a Neutral rating on the counter.