FORTH230228R
FORTH230228R
FORTH230228R
FORTH Corporation
FORTH TB / FORTH.BK
What’s changed?
We forecast a 2023 core profit of Bt1,246m, up 52% YoY.
Recommendation
Our BUY call stands to a YE23 target price of Bt52, as we anticipate TAO
BIN-driven top- and bottom-line growth this year.
Napon Jaisan
Capital Market Fundamental Investment Analyst
Napon.jai@bualuang.co.th
+66 2 618 1349
Nattanicha Mongkolsupawan
Assistant analyst
Please see final page for additional important disclosures. Bualuang Securities Public Company
See disclaimer at the end of report Limited (“BLS”) is a foreign broker-dealer unregistered in the USA. BLS research is prepared by
research analysts who are not registered in the USA. BLS research is distributed in the USA
pursuant to Rule 15a-6 of the Securities Exchange Act of 1934.
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Free cash flow (Btm ) 405 (756) 1,009 2,327 3,828 3 140
1.98 120
FCF per share (Bt) 0.4 (0.8) 1.1 2.5 4.1 2 1.64
100
2 80
0.86 60
1
0.42 0.32 0.45 0.52 40
1
20
0 0
19 20 21 22E 23E 24E 25E
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Company profile
Forth Corporation Plc is a research, development, and production organization. It distributes and provide ICT services and all kinds of electronics,
including a network of automated and financial service channels.
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FY Ended 31 Dec (Btm ) 4Q22 4Q21 YoY % 3Q22 QoQ % 2022 2021 YoY %
Key ratios
Gross margin (%) 23.0 19.2 25.1 24.3 22.0
EBITDA margin (%) 14.9 12.9 17.9 16.9 15.5
EBIT margin (%) 10.2 8.7 11.3 11.3 9.7
SG&A / Revenue (%) 12.9 10.5 13.8 13.0 12.3
Tax rate (%) 24.0 21.3 19.4 18.0 18.3
Net margin (%) 6.2 7.1 8.9 8.2 8.5
Current ratio (x) 0.9 1.0 1.0 0.9 1.0
Gearing ratio (x) 1.4 1.3 1.4 1.4 1.3
Interest coverage (x) 8.2 11.3 11.5 10.5 10.8
Balance Sheet
Cash & Equivalent 781 850 (8) 759 3
Total assets 11,385 8,818 29 10,541 8
ST debts & current portion 4,088 3,105 32 4,013 2
Long-term debt 318 324 (2) 267 19
Total liabilities 8,127 6,199 31 7,503 8
Retained earnings 1,618 1,245 30 1,443 12
Shareholders equity 2,095 1,703 23 1,930 9
Minority interests 1,164 916 27 1,108 5
BV (Bt) 3.4 2.7 24 3.2 7
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ADVANC AMATA AOT BDMS BH CBG CENTEL CPALL GLOBAL GPSC IRPC KBANK KCE KTC MINT
PTG PTT PTTEP PTTGC SCB SPRC TOP WHA ESSO STA BGRIM GULF MTC AWC CRC
CPF CPN HANA HMPRO IVL OSP SAWAD BANPU BCH BTS CK SCC STEC TISCO TU
INTUCH RATCH VGI SCGP TQM COM7 DOHOME JMT CHG TMB BAM BCP AP KTB KKP
OR BEM GUNKUL EA SPALI RBF STGT MEGA JMART BEC SYNEX BLA KEX RCL SINGER
STARK TIDLOR FORTH TIPH AAV DELTA BCPG SABUY THG CKP
Lead underwriter/
Financial Advisor Underwriter/
Co-underwriter
MEB
CG Rating
Thailand's Private Sector Collective Action Coalition Against Corruption programme (Thai CAC)
under Thai Institute of Directors
companies that have declared their intention to join CAC, and
companies certified by CAC.
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BUY: Expected positive total returns of 15% or more over the next 12 OVERWEIGHT: The industry, as defined by the analyst's coverage universe, is
months. expected to outperform the relevant primary market index over the next 12 months.
HOLD: Expected total returns of between -15% and +15% over the next 12 NEUTRAL: The industry, as defined by the analyst's coverage universe, is
months. expected to perform in line with the relevant primary market index over the next 12
SELL: Expected negative total returns of 15% or more over the next 12 months.
months. UNDERWEIGHT: The industry, as defined by the analyst's coverage universe, is
TRADING BUY: Expected positive total returns of 15% or more over the next expected to underperform the relevant primary market index over the next 12
3 months. months.
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