报告名称：CH Karnchang(CK TB)Reduce：Net gearing of 2.4x is a new high
报告类型：海外市场
报告日期：2016-05-20
研究机构：汇丰银行
页数：7
简介：1Q16 headline net income down 30% y-o-y was 15% belowour estimates; operating cash loss took net gearing to 2.4x
Receivables remain at over 50% of annual revenues, leadingto cumulative cash losses of THB35bn since 2010
Raise TP by 7% to THB15 due to cut in HSBCˇs cost of equityfor Thailand and increase in value of associates
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