Stocks in Focus on November 13, 2023: CBG and RBF

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 13, 2023.


KGI Securities (KGI) gave an “Outperform” rating on Carabao Group Public Company Limited (SET: JMT) with a target price at ฿85.00/share.

KGI stated that CBG reported a 3Q23 net profit of Bt530mn (+10% QoQ +11% YoY). The result was 2% below the market consensus but 5% above KGI’s forecast due mainly to a lower than expected effective tax rate of only 13% (vs. KGI’s forecast at 18%). Although 9M23 earnings made up 64% of the full-year forecast, earnings are anticipated to accelerate in 4Q23F thanks to the beer business, so KGI maintained its earnings forecast. Meanwhile, higher revenue and better cost efficiency should bolster 2024F earnings growth. KGI maintained a rating of Outperform with a 2024 target price of Bt85.00 (PE 35x).


Maybank Securities (Thailand) (MST) gave a “BUY” recommendation on R&B Food Supply Public Company Limited (SET: RBF) with a target price at ฿12.70/share.

MST stated that in 3Q23, RBF reported a net profit of 209 million baht, marking a 37% increase QoQ and a substantial 90% increase YoY. Excluding extraordinary items, the profit amounted to 192 million baht, surpassing consensus expectations by 9%. This achievement is attributed to a robust 10% QoQ and 17% YoY sales growth in domestic revenue recovery. Internationally, the company is buoyed by Chinese and Indian customers, accounting for 44% of total revenue.
The 9M23 net profit constitutes 77% of the consensus, indicating strong performance. The direction for 4Q23 profit appears to continue growing, providing support for stock prices in the upcoming period.