Banpu PCL: 1Q21 earnings miss; YoY improvement expected for 2Q21

  • Below estimate
  • BANPU reported a 1Q21 net profit of Bt1,535m
  • Sales increased by 12% YoY and 10% QoQ

The improving outlooks for 2Q21 and 2021 should push up the share price going forward. BANPU’s current valuation is undemanding—a YE21 PBV of 0.9x (0.5SD below its long-term mean of 1.2x). And there’s scope for upside to its long-term earnings profile from potential new investments in smart energy businesses (BanpuNEXT).

Below estimate

BANPU reported a 1Q21 net profit of Bt1,535m, down 10% YoY but a QoQ turnaround. Stripping out extra items, core earnings would be Bt756m, a YoY turnaround and up 3,040% QoQ. The result was somewhat below our estimate, due to weaker performances by the coal and gas businesses than expected (it was also 5% below the consensus).

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