Correspondents report on company stock movements. Pure Energy Public Company Limited or EA closed the mid-morning trade on 14 May 2024 at 27.75 baht and 1.75 baht, equivalent to 6.73% of the previous trading day. The total trade value is 943.85 million baht
Late last week, EA announced its operating results for the 1st quarter of 2024, coming out with a profit of 888.70 million baht, down 61.68% from the same period last year. Executives explained the reason was the impact of 1 solar plant ending the period of receiving government subsidies (adder).
“Valuation of the overall business has crossed its lowest point since the first quarter. The electric vehicle truck business is expected to recover from the 2nd quarter of 2024 to consolidate other parts of the business and generate recurring revenue,” said EA's Deputy CEO Mr. Amorn Sabtavikul revealed.
Global Securities cut its 2024 profit forecast to 6,690 million baht from 7,945 million baht, as the overdue adder weighed on operating results. However, deliveries of electric buses and commercial vehicles are expected to accelerate in the second, third and fourth quarters of this year, which should support the results.
The latest EA stock investment recommendations from 7 brokers with basic target prices ranging from 31-45 baht per share are as follows:
Yuanta Securities (Thailand) recommends buy-sell for speculation, with a fair price of 31 baht.
UOB Kay Hien Securities (Thailand) recommends a speculative buy with a price target of 34 baht.
Globelex Securities recommends a fair price of 35 baht.
Kasicorn Securities recommends neutral with a target price of 36 baht.
DBS Vickers Securities (Thailand) recommends buying at a base price of 38 baht.
Asia Plus Securities recommends an underweight investment, with a target price of 40 baht.
Dao Securities (Thailand) recommends Hold with a target price of 45 baht.
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