Jay Mart shares soar with company predicting major growth in next five years

Shares of Jay Mart (JMART) surged 9.55 per cent to 43 baht per share on Tuesday after the company said it is confident of an annual growth rate of 50 per cent in the next five year and expected to see all-time high performance this year.

The total transaction value of the stock stood at 1.9 billion baht during the mid-day break. The price peaked at a new high at 44.50 baht, up 13.38 per cent as of 10.36 am.

The company said it adopted an aggressive strategy to tap into two new business segments, logistics and finance brokering, said chief executive Adisak Sukhumvitaya.

Adisak said that the plans, accounting for around 15 billion baht of budget, will become clearer in the third and fourth quarters this year. 

Adisak expects JMART’s market capitalization to grow to 130 billion at year-end and 250 billion baht in 2023. The company current market capitalization stands at 102 billion baht, according to the Stock Exchange of Thailand (SET).

KGI Securities gave an ‘Outperform’ rating on JMART with a target price of 51 baht as the analyst was optimistic towards the company’s earnings growth.  

JMART’s forward two-year earnings growth is secured by solid contributions from JMT Network Services (JMT) and Singer Thailand (SINGER) which contribute around 75 per cent of the company’s total earnings, said KGI. The company holds 52.5 per cent stake of JMT and 32.5 per cent stake of SINGER. 

The company recently restructured its investment holding, forming new partnerships with Kookmin Bank in Korea, and IT firm TIS Intec from Japan. This would enable JMART to strengthen its balance sheet and lower debt to equity ratio, added KGI.

The net profit projection for JMART, according to KGI, stood at 1.3 billion baht and 1.7 billion baht in 2021 and 2022, respectively.

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