Stocks in Focus on November 3, 2023: CBG and SAPPE

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 3, 2023.


Maybank Securities (Thailand) (MST) gave a “BUY” recommendation on Carabao Group Public Company Limited (SET: CBG) with a target price at ฿79.00/share.

MST stated that CBG’s earnings in 3Q23 are expected to grow both quarter-over-quarter (QoQ) and year-over-year (YoY), supported by an improved market share in the energy drinks sector within the country and lower raw material costs, which enhance profit efficiency.

In 4Q23, we anticipate that profits will remain strong, as we enter the festive season and benefit from additional income generated by packaging production following the launch of Carabao group’s beer sales. Additionally, costs will continue to be favorable due to lower raw material costs and reduced electricity expenses for the entire quarter.


KGI Securities (KGI) gave an “Outperform” rating on Sappe Public Company Limited (SET: SAPPE) with a target price at ฿112.00/share.

KGI stated that after the recent surge price globally to around 27cents/lbs, which is higher than KGI’s previous estimate at 23-24cents/lbs, KGI increased its sugar cost assumption by around Bt100mn, and that reduces its 2024 earnings forecast by 6%. Applying Bt28x, KGI reached a new target price of By112.

SAPPE’s share price has pulled back sharply since the spike in sugar price. KGI believed SAPPE has more room to manage the high costs through additional revenue from the weakening baht. Despite revising KGI’s earnings forecast, the upside to its target price remains attractive.