Stocks in Focus on January 30, 2023: AP and CKP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on January 30, 2023.


KGI Securities (KGI) has given an “Outperform” rating on AP (Thailand) Public Company Limited (SET: AP) with a target price at ฿14.00/share.

KGI expected AP to report a 4Q23F net profit of Bt1.3bn (+14% YoY, -23% QoQ), which would be last year’s lowest quarter. Full-year presales/revenue should grow at single-digit rates, but new launches were at an all-time high of Bt76bn. In 2024F, KGI expected full-year guidance to be moderate from last year’s high base.

KGI maintained a rating of Outperform with a target price of Bt14.00, pegged to 2024F PE 6.4x (long-term mean), as KGI expected the company to maintain consistent presales/earnings growth at single-digit rates for 2023F-25F. The balance sheet remains solid with net gearing of 0.7-0.8x. AP now trades at -1SD to mean PE and PB.


Krungsri Securities (KSS) has given a “BUY” recommendation on CK Power Public Company Limited (SET: CKP) with a target price at ฿4.50/share.

KSS maintained a BUY rating with THB4.5 target price based on DCF valuation. Latest international climate models suggest higher probability of La Nina in 2H24 and El Nino would peak in 1Q24 and ease to neutral conditions by June.

KSS stated that these suggest upside risk to FY24F earnings driven by sooner-than-expected La Nina conditions, which would support the next earnings upcycle in FY24-25F. NN2 reservoir level had reached 367 masl at end-2023, higher than its historical average. That should power generation during low season in 1Q24. KSS noted that CKP is its top pick in the power sector.