Stocks in Focus on September 15, 2023: CRC and TRUE

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on September 15, 2023.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Central Retail Corporation Public Company Limited (SET: CRC) with a target price at ฿45.00/share.

Yesterday, CRC unveiled its new business venture, GO Wholesale (GO), a wholesale operation resembling MAKRO’s Cash and Carry model. Their goal is to establish 40 branches within five years, generating 70 billion baht in revenue. The first four branches are slated to open this year, with the inaugural branch launching on Srinakarin Road in October.

GO is poised to become a rising star, offering growth potential and upside for CRC. In a high-value wholesale market worth up to 3 trillion baht, dominated by MAKRO, LOTUS, and BIG C, GO aims to compete and recapture a share of the revenue.

CRC maintains strong finances with a Net Gearing ratio of just 1.5x and an annual CFO exceeding THB20b, allowing for unrestricted investments.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on True Corporation Public Company Limited (SET: TRUE) with a target price at ฿7.80/share.

The Future Ready True event scheduled for September 26 is expected to offer insights into Synergy Guidance after the merger with DTAC. Positive outcomes from this event could potentially result in adjustments to our forecasts and the consensus.

Regarding financial performance, we believe the worst is behind us in 1H66, with a significant loss of 4.0 billion baht. Looking ahead to 2H66, we expect revenue to rebound due to reduced competition and government stimulus measures, leading to reduced losses.

Stock prices today may fluctuate due to reactions to the FTSE Large Cap calculations. A “Sell on Fact” scenario could present a favorable buying opportunity.