Earnings Report /
Thailand

Ditto Thailand PCL: 1Q22 core profit beat estimate

  • 1Q22 core profit was 6% above our expectation

  • DITTO posted a bottom-line of Bt59m for 1Q22

  • Operational revenues were Bt320m, up 24% YoY and 33% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
17 May 2022

Last year, DITTO was one of our favorite tech plays. It’s still one of our best stocks, due to its long-term growth potential, which we believe remains impressive, led by a carbon credit project and the digital transformation trend. Once the govt passes legislation on digital transformation (all state organizations will need to be digitally platformed), DITTO’s stock would be back in game. But it has become overpriced. Although there’s scope for upside to our profit forecasts, it’s too soon to factor in such tentative upside into our model, we believe.

1Q22 core profit was 6% above our expectation

DITTO posted a bottom-line of Bt59m for 1Q22, up 42% YoY but down 19% QoQ. Excluding a net-of-tax loss from disposal and revaluation on short-term investments, core earnings would be Bt64m, up 54% YoY and 93% QoQ. Core profit was 6% above our estimate.