BTS Broup

THURSDAY, OCTOBER 27, 2011
BTS Broup

Waiting for the next train Neutral, maintained Share price Bt 0.57; target price: Bt 0.77

BTS Group Plc
 

Despite BTS’s share price drop, we prefer to wait for either a further leap in earnings or a cheaper share price before boarding this train. We maintain our NEUTRAL call but reduce our DCF-based target price. This reflects cuts in our earnings forecasts, which now factor in less aggressive growth in mass transit, media and property revenues as well as lower margin assumptions.