Land and Houses Securities says Q2 retail stocks slow, recommends accumulating tourism and finance sectors

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2▲6 ▼1Impact / 5
Summary · why it matters

Land and Houses Securities assesses that the retail sector faces short-term challenges, with CPAXT's second-quarter profit falling 18 percent year-on-year despite higher total revenue, as selling and administrative expenses rose from accelerated branch expansion and Lotus's same-store sales declined nearly 4 percent due to indirect impacts from the Thai Helps Thai Plus scheme. Analysts expect the retail and wholesale sector to recover in the fourth quarter, which is the high season, and may get support from short-term stimulus measures such as increasing the state welfare card limit, which will benefit TNP. BJC is expected to see profit recovery in the second half, supported by its packaging business. Meanwhile, the tourism sector is viewed as the most attractive for long-term investment, as the government prepares concrete tourism stimulus measures in the fourth quarter, with recommended stocks including ERW, CENTEL, and MINT. The finance sector is a laggard with earnings poised to surge, with SAWAD expected to post quarter-on-quarter growth in the second quarter and stand out in the second half, while MTC is worth accumulating as its price has not risen much.

Impact on assets 8

Consumer Staples± Mixed · 3 stocks
Berli Jucker PCL
BJC
▲ PositiveDemandrelevance

BJC expected to see profit recovery in second half supported by packaging business.

Consumer Discretionary▲ · 3 stocks
Financials▲ · 2 stocks
Srisawad Power 1979 PCL
SAWAD
▲ PositiveDemandrelevance

SAWAD is expected to post quarter-on-quarter growth in Q2 and stand out in the second half.

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