Stocks in Focus on February 15, 2024: CPAXT and TOP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on February 15, 2024.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on CP Axtra Public Company Limited (SET: CPAXT) with a target price at ฿32.00/share.

MST stated that in 4Q23, operating results showcased remarkable growth, with earnings expanding by 33% year-over-year and an impressive 96% quarter-over-quarter, surpassing both MST and the market’s expectations of 12% and 8%, respectively. This growth was primarily driven by lower-than- anticipated tax expenses. Additionally, there are positive indicators across other components, including a 4% year-over-year increase in same-store sales growth (SSSG) and a reduction in SG&A to sales ratio from 13.2% in 4Q22 to 12.6%. MST anticipated that this growth momentum will persist throughout the year, buoyed by strong domestic consumption and a thriving tourism sector.

The company has recently undergone internal restructuring following the transfer of the Lotus business. MST was slightly positive outlook on this strategic move due to the anticipated benefits of enhanced operational flexibility and efficiency, leading to increased competitiveness. MST expected these improvements to have a positive long-term impact on the business.


KGI Securities (KGI) has given an “Outperform” rating on Thai Oil Public Company Limited (SET: TOP) with a target price at ฿64.00/share.

TOP reported a 4Q23 net profit of Bt2.9bn (+1,905% YoY, -73% QoQ). The result was 10% above the Bloomberg consensus, but in line with KGI’s forecast. The increase YoY and decrease QoQ came mainly from reported net stock loss of Bt3.3bn for the quarter, recovering from a net stock loss of Bt7.1bn in 4Q22 but worsening from a net stock gain of Bt7.9bn in 3Q23.

KGI believed the share price will be supported by 1) another good earnings performance in 4Q23, 2) anticipated better refinery margin QoQ in 1Q24F and 3) upcoming Clean Fuel Project, which is expected to commence in 1H25F. KGI noted that TOP remained its top pick.