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CBG ᾧ᫧鹰ҹ! ѺŴ鹷ع˹ع

CBG ᾧ᫧鹰ҹ! ѺŴ鹷ع˹ع

    CBG Ŵ͹ç ѧҤ鹾ѺǴǡ 107% Ѻҡ鹻 ¡ӹѡ á Ŵ鹷عҴѧɪ˹عûչ ͩشԺⵢͧ зչѧѭҳ

    Ҥ ѷ Һǡ ӡѴ (Ҫ) CBG ǧçԴҴӨششͺҷ 60.75 ҷ ͹ԴҴͺҷ 61.50 ҷ Ŵŧ 2.25 ҷ 3.53% 

    CBG СͺáԨ¡ö㹺ѷ (Holding Company) աŧعѡ㹺ѷ·СͺáԨ Ե ӡõҴ ˹ кèѴáèѴ˹ͧاѧͧ ҧúǧ 㹻 61 ѴǹҡáԨ㹻 54.8% ҡáԨҧ 44.8%

    ŻСͺ CBG Ŵŧͧ㹪ǧ 3 շҹ (59 - 61) 1,489 ҹҷ 1,245 ҹҷ 1,158 ҹҷ ӴѺ ˵ѡҨҡ·٧㹡âµҴҧ ੾С繼ʹѺʹعÿصŵҧͷӵҴѧ

    ŻСͺ͹ ͧҡ 4/61 CBG ἹŴ鹷عâµҴ㹻ѧɷطԡѺҿç֧ 145% ҡǧǡѹա͹ 觼Ҥ CBG 鹵ǵͧҵ鹻 62 繪ǧҤ 30.75 ҷ ҷӨش٧شͺ 1 1 ͹ 66.50 ҷ ҹ (23 ..)

    ѹ CBG Ѻç¡ٴա ¹ѡͧҤ鹷ѺǢҶ֧ 107% 鹻з͹繼ŻСͺǴ ἹŴµҴ˹عûչç֧ 66% зõ 63 ⵵§ 20 - 30% ҹ

    .ا 1/62 ҴطԨз 400 ҹҷ 122% ҡǧǡѹա͹ ˹عҡʹ·㹻ȷҴ 5% ҡɵ 2 ͹áͧչ 4% зҴ CLMV 20% ҧáդҴʹ͡仨չŴŧ 20% ҡǧǡѹա͹ 20 ҹлͧ ֧âҴعҡѧɨŴŧ 20% 215 ҹҷ ҡ¡õҴŴŧ

    ҹἹŴ鹷ع Ҵѵҡâ鹵(GPM)Ѻͧ١ѧ㹻Ȼչҷ 38% ˹عҤҹӵѵشԺѺǴŴŧ GPM ѺԹ͡ 37 - 38% 㹻 62 - 63 ͧҡѷѹҼԵлͧͧ зҴ㹻ѧɺѷҨŴâҴعŧ ¡Ŵ¡õҴ Ŵʻ͹ÿصū ¤ҴһչѺŢҴعҡѧҷ 704 ҹҷ

    ҴطԻչСѺ٧֧ 66% 1,932 ҹҷҡἹŴ鹷ع ҧáҤ CBG з͹繼ŻСͺǴҡ 觨ҡ鹻ն֧ѨغѹѺҶ֧ 107% зնѴ仨ѺªҡŴ鹷عաҡѡطԵ 63 仨⵵§ 20 - 30%

    й Ҥ 50 ҷ ѨغѹҤ鹾觢ҡ Դ P/E 㹻 63 33 СèԺ⵵§ 20 - 30% 62

    Ѻ! ѡʹ CLMV 繴蹼ҹشդش зʹ¨չ-ѧѧͧ ҡҵҴͺʹͧԧźعç

    .ǹ ѺҳáûԻ 62 ҷ 1,613 ҹҷ 55.1% ҡա͹ лѺҤ¢ҷ 49.50 ҷ ͧҡҴҴѧáԨ鹵ҡҤ鹻ѺǢ鹨Ѿ䫴

    šôԹҹ ѧͧԧǡҡԺⵢͧʹ CLMV  ҹǧԺ٧ش੾㹡٪ Ҩзʹ»չ зҴ¹ѧͧ觢ѹ٧Ѻ OSP ѡǹ觡õҴ ҹҴѿҹʶҹ繡ÿ鹵ѧҡ˴Ƕ֧ 75% 㹻ա͹ ШչʹŴŧ件֧ 42% 㹻ա͹ չѷеҷʹҵ 150 - 200 ҹлͧ㹻չ 㹻ҳ

    зáԨѧ ICUK ( 84%) ͧǡҡѧԴἹŴ鹷عٻҡ µŴŢҴعҡ 26 ҹ͹㹻 2561 10 ҹ͹ Ŵŧ 16 ҹ͹ ҡʹѺʹعصŴŧ 3 ҹ͹ ɳҷҧTV Ŵŧ 3 ҹ͹ ÷ӡâҤʹŴŧ 2 - 3 ҹ͹ 繡Էԡ÷ӡ 鹢 Outlet ա٧ ¾ 觨зѵҡâ鹵鹴բ 鹷ع SG&A Ŵŧ һҳâҴعŴŧͧ ICUK 10 ҹ͹ 16 ҹ͹

    й Ҥ 49.50 ҷ (Ը DCF WACC 8.5% Terminal growth 3.5%)¢ͧѷ͹ҧҷ ͧҡդ§»Ѩ´ѧǢҧ Ҵͧ繡ҧҡ ҡӡҵҴеͺʹͧԧźç蹡ѹ

    CBG 鹷ѡŧع駤ѧ٧ з͹ҡ P/E Ѩغѹ٧Թ 50 ºѺ OSP ӸáԨ¡ѹô P/E § 29 ҹ 觵ͧѺҺѷöҧԺѹҤ ἹŴ¡÷ӵҴЪ˹عûչ ҡѺŴ͡ʡԺѧ仴 ҡѷͧеҴ ա »Ѻ

   йҤ CBG
  й Ҥ
               49.5
                50
.                 50
                56
                55
.न                 60


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