We maintain a BUY call to a YE22 target price of Bt19, premised on an impressive growth outlook. JWD should post strong core earnings through 2022. There is scope for upside to its logistics infrastructure biz from U-tapao phase-3. The stock price has slumped 38% from its peak, opening a window to take positions cheaply, we believe.
Core profit missed estimate
JWD posted a 1Q22 net profit of Bt126m, down by 11% YoY and 29% QoQ. The bottom-line was 7% short of our estimate (a slimmer GM than assumed), but was in line with the consensus. Stripping out extra items, core earnings would be Bt106m, up 70% YoY but down 23% QoQ. Core profit was 22% shy of our expectation (a slimmer GM than assumed) and the consensus.