tag:blogger.com,1999:blog-30531329122895851392012-02-16T04:40:31.009-08:00Mr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.comBlogger11100tag:blogger.com,1999:blog-3053132912289585139.post-77943175414583090992009-05-22T02:13:00.000-07:002009-05-26T04:17:02.126-07:00Siam Makro – MAKRO - BUY<br /><br />Target price : Bt81.70 <br />Recommendation : BUY <br />Closing Price (18 May 09) : Bt69.75<br /><br />1Q09 profit down 23.9% YoY and 16.8% QoQ<br /> - First-quarter 2009 sales were down 1% YoY but flat QoQ. <br /> - MAKRO posted a net profit of Bt297m in 1Q09, down 23.9% YoY and 16.8% QoQ.<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://2.bp.blogspot.com/_oCeObKKgz7Y/ShvPg0Jd9eI/AAAAAAAAAR4/kHTBYtAIGvc/s1600-h/stock-market.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="http://2.bp.blogspot.com/_oCeObKKgz7Y/ShvPg0Jd9eI/AAAAAAAAAR4/kHTBYtAIGvc/s320/stock-market.jpg" border="0" alt="online stock trading companies comparison"id="BLOGGER_PHOTO_ID_5340089945838974434" /></a><br /> - We revise our 2009 estimates downward as the first-quarter profit accounted for only 16.8% of our previous full-year forecast. <br /> - We however keep a 'Long-Term BUY' recommendation on MAKRO with a 2009 price target of Bt81.70/share.<br /><br />1Q09 sales down 1% YoY but flat QoQ<br /> MAKRO, Thailand's leading cash-and-carry wholesaler generated sales of Bt18,027m in 1Q09, down 1% YoY but flat QoQ. On a YoY basis, the sales decline was blamed on the absence of sales from Makro Office Center following the spin-off and sagging sales of stores located in tourist destinations in the face of a tourism slump. Service revenue was down 1.8% YoY but up 1.8% QoQ to Bt390m. Other income in this quarter came in at Bt118m, down 5.4% YoY but up as much as 78.2% QoQ. <br /><br />1Q09 net profit of Bt297m, down 23.9% YoY and 16.8% QoQ<br /> MAKRO posted a net profit decline of 23.9% YoY and 16.8% QoQ to Bt297m in 1Q09. The profit deterioration, both YoY and QoQ reflected: (i) gross margin contraction - In this quarter, gross margin slipped 0.95% YoY and 0.71% QoQ to 5.82%; (ii) a 166.3% YoY rise in interest expenses to Bt12.2m; (iii) virtually no growth in sales dented by slumping sales of stores located in tourist destinations; and (iv) an increase in effective tax rates to 31.6% from 27.5% in the prior quarter. <br /><br />Cut in 2009 earnings forecast as 1Q09 profit accounts for only 16.8% of previous full-year estimate <br /> The first-quarter profit accounted for only 16.8% of our full-year estimate. The figure is relatively low, compared to our full-year profit forecast of Bt1,770m or Bt7.38 a share, up 5.7% YoY. We also do not expect a strong profit recovery in 2Q09. On this basis, we trim our sales forecast for 2009 by 7% to Bt83,673m and cut our 2009 net profit outlook by 7.69% to Bt1,634m. Our 2009 price target of Bt81.70/share is based on a P/E of 12x. We keep a 'Long-Term BUY' recommendation on MAKRO.<br /><br /> By Phillip Securities (Thailand) Plc. on May 19, 2009<br /><br /><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="http://3.bp.blogspot.com/_oCeObKKgz7Y/ShZuishQo9I/AAAAAAAAABg/dY-ZwFHuqds/s1600-h/online+stock+trading+companies.jpg"><img style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;width: 320px; height: 199px;" src="http://3.bp.blogspot.com/_oCeObKKgz7Y/ShZuishQo9I/AAAAAAAAABg/dY-ZwFHuqds/s320/online+stock+trading+companies.jpg" border="0" alt="online stock trading companies comparison"id="BLOGGER_PHOTO_ID_5338575950639571922" /></a><div class="blogger-post-footer"><img width='1' height='1' src='https://blogger.googleusercontent.com/tracker/3053132912289585139-7794317541458309099?l=online-stock-trading-companies-compar.blogspot.com' alt='' /></div>Mr. Nonghttp://www.blogger.com/profile/00338763258281464396noreply@blogger.com0