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Workpoint Entertainment PCL: 1Q21 bottom-line beat estimate

  • 1Q21 bottom-line was above our estimate
  • WORK posted a Bt118m net profit for 1Q21
  • The top-line was Bt580m

We expect TV operators with home shopping businesses to stand strong through this round of COVID-19. WORK’s core earnings will build momentum, in tandem with ad spend migration to TV and rising viewership ratings for its new content, such as The Wall Song and The First and Last Thailand. Our target price upsizes from Bt19 to Bt27 and our TRADING BUY call stands.

1Q21 bottom-line was above our estimate

WORK posted a Bt118m net profit for 1Q21, up by 159% YoY and 228% QoQ. The result was 55% above our estimate, due to a fatter GM and lighter SG&A expenses than we had assumed.


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