Stocks in Focus on November 29, 2023: AP and ZEN

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on November 29, 2023.


Maybank Securities (Thailand) (MST) gave a “BUY” recommendation on AP (Thailand) Public Company Limited (SET: AP) with a target price at ฿14.30/share.

MST stated that the MPC meeting on November 29 is expected to maintain interest rates at 2.5%, signaling a potential end to the eight consecutive rate hikes since August 10, 2022. MST anticipated favorable conditions for the real estate sector due to the likely peak in interest rates.

AP stands out in this group with projected growth in 4Q23 profits, reaching an all-time high for 2023. Additionally, a noteworthy 2H23 dividend payment of 6.3% per year sets it apart from companies that have already paid dividends in 1H23.


KGI Securities (KGI) gave an “Outperform” rating on Zen Corporation Group Public Company Limited (SET: ZEN) with a target price at ฿13.60/share.

KGI stated that guidance from ZEN’s analyst meeting implies positive earnings growth momentum. The company’s 4Q23F earnings are expected to increase QoQ thanks to greater revenue (both restaurant and retail sales) and expense control, but should soften YoY. KGI maintained its earnings forecasts for 2023F/2024F, and reiterated a rating of Outperform with a 2024 target price of Bt13.60.