Roll forward valuation base

Roll forward valuation base, not roll over

Examples

- We roll forward our valuation base period from mid-2022 to 2022 and maintain our target price of Bt31.00 pegged to the same PER multiple of 1.2x.

- We roll forward our valuation base from 2022 to mid-2023, which results in our target price increasing/decreasing to Btx from Btx as we rerate our PER multiple to x from x.
- We raise our 2021/2022 EPS estimates to US$4.73/US$4.85 from US$4.65/US$4.80 and introduce 2023 forecast of US$5.05. Our price target increases to US$67 from US$61 as we roll forward our model and raise our target multiple from 13x to 14x given better sales trends.
- Our SoTP-based TP is raised to Bt7.3 from Bt6.1 as we 1) raise our PER multiple to 18x from 14x; and 2) roll forward our valuation to 2022.