Siam Global House

Siam Global House Plc
 
Worth noting from the 3Q11 results is the margin recovery, which should partly alleviate earlier concerns when margins dipped in the previous quarter. We continue to like GLOBAL for offering the best exposure to the burgeoning upcountry economy. The result was in line with our expectations, with 9M11 core profit representing 70% of our full-year forecast. With an earnings revision and valuation roll-over, our DCF-based target price is raised by 30%. Our Outperform rating stands.