Stocks in Focus on January 11, 2023: TOP and BH

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on January 11, 2023.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Thai Oil Public Company Limited (SET: TOP) with a target price at ฿60.00/share.

MST stated that the ongoing tensions in the Red Sea are posing challenges to the transportation of oil products from Asia and the East to Europe. In response to this, Saudi Aramco has announced a reduction in the average selling price (OSP) of Arab Light in February by $1.5-2, aiming to maintain market share. Anticipating the impact of these factors, it is estimated that refining margin (GRM) will remain stable at a high level. MST’s projection for this year’s GRM stands at $7 per barrel, which is expected to have a positive effect on TOP.

In light of recent developments, MST revised its FY24E earnings forecast by 55% and raised its target price to THB60. This adjustment reflects lower costs associated with the oil spill, reduced from US$2 per barrel to US$1 per barrel.


KGI Securities (KGI) has given an “Outperform” rating on Bumrungrad Hospital Public Company Limited (SET: BH) with a target price at ฿300.00/share.

KGI stated that following BH’s record high earnings in 3Q23, KGI expected the company to report a 4Q23F net profit of Bt1.75bn (+13.0% YoY, -10.6% QoQ), which would account for 25.2% of KGI’s full-year forecast of Bt6.94bn. If 4Q23F earnings are in-line, the company’s 2023F net profit would be 1.5% above KGI’s full-year projection. Meanwhile, KGI expected BH to show an impressive performance in 1Q24F, supported by the strong season.