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Experts mixed on Kerry Express IPO share price
EconDec 24. 2020
By The Nation
Brokerage firms expect the price of Kerry Express (KEX) shares to rise from their initial public offering (IPO) price of Bt28.
However, a source from the capital market disagrees, saying the KEX shares will not exceed their initial offering price anytime soon, citing uncertainty over the Covid-19 outbreak, large market capitalisation and the small number of IPO shares.
The source added that the KEX IPO price is high compared to its price-to-earnings in the previous four quarters, at 33 times, even if its delivery business is in line with the new economy.
“KEX must rely on rapid growth in the next phase because the company has to compete with others in the same industry,” said the source, adding that KEX sales in the past nine months this year rose by only 0.2 per cent year on year.
SCB Securities director Veena Lertnimitr said the Covid-19 outbreak had boosted online sales but reduced people’s purchasing power at the same time. However, she expects Thailand’s leading parcel delivery brand to escape the virus fallout being felt by other companies.
“We believe investors will assess risks and choose stocks that can escape the Covid-19 impact,” she said. “Also, KEX shares will gain positive sentiment from increasing stock demand because only a small number were allocated.”
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