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SVI PCL: 1Q21 core profit beat estimate

  • 1Q21 core profit above expectation
  • SVI posted a 1Q21 bottom-line of Bt148m
  • Revenue totaled Bt3.5bn, up 8% YoY but down 6% QoQ

SVI’s valuation is now in expensive territory—a 2021 PER of 21x (3SDs above its mean), while we forecast 2021 core earnings growth of only 4% YoY. Moreover, the global semiconductor shortage constitutes a substantial risk to SVI’s orderbook. Our HOLD rating stands.

1Q21 core profit above expectation

SVI posted a 1Q21 bottom-line of Bt148m, down 35% YoY but up 45% QoQ. Stripping out a Bt27m FX gain, core earnings would be Bt121m, up by 81% YoY and 12% QoQ. The core number was 30% above our estimate and 44% ahead of the consensus, due to lower SG&A expenses than we had modeled and a tax credit (we had assumed tax expenses).


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