After You PCL: 1Q21 profit in line

  • In line
  • AU posted core profit of Bt12m in 1Q21
  • AU should be able to run slight profit in 2Q21

Share price is at good entry level because of 1) a sharp price correction (down 21% from its peak at Bt12.80 on March 11, 2021, a pre-new wave of COVID-19 pandemic in Thailand), 2) near Bt10 of which the acquisition cost by strategic partner, BTS group (6.6% stake in AU), and 3) bargain valuations at a 2021 PER of 53.9x, 0.5SD below its long-term mean. AU will quickly resume business after COVID-19 easing in Thailand due to no debt concerns. We maintain BUY rating at a YE21 target price of Bt14.40 (pegged to 0.5SD above its mean PER).)

In line  

AU posted core profit of Bt12m in 1Q21, down 13% YoY (from Bt13m in 1Q20) and 29% QoQ (from Bt14m in 4Q20). The result was in line with our estimate of Bt14m (no consensus forecast).

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