โดย มือใหม่หัดขับ
เผยแพร่ : 
57 views
...Conservatively taking half of the THB2.9 billion inventory revaluation and assuming the same gross profit (which is again conservative given the brighter prospects and higher average prices) as well as assuming the derivative hedging losses do not repeat this year, the net profit for 2017 is estimated at THB1.66 billion, or an EPS of THB1.30 (1.28 billion outstanding shares). Using the same P/E (19.3) as its nearest competitor, Halcyon Agri, the price of Sri Trang Agro-Industry would come up to be ~THB25 per share, representing a 34% upside from the last closing price....
Conclusion
Sri Trang Agro-Industry Public Company Limited is the world's largest fully integrated natural rubber company. The company had been at the mercy of a very volatile rubber price and unfavorable weather. However, business prospects are improving steadily and the macro environment is also turning more favorable. Incorporating certain assumptions and taking the P/E of its closest peer, I calculated the estimated EPS for FY2017 and derived anupside of 34% to the current share price in a one-year time frame. This means a share price target of THB25. I have detailed why this target is derived from a conservative projection of the EPS in the Price Target section of this article. Interested investors should start to accumulate now with the correction in the share price in line with the decline in natural rubber prices. Natural rubber prices are likely to be higher on a yearly average in 2017 compared to 2016, as long as the crude oil price uptrend remains intact and the global economy grows as per projections by the IMF. As such, the softness in the share price is expected to be temporary. The share could resume its climb towards the target price after the bout of profit taking is over and the natural rubber prices stabilize.
อ่านต่อที่
