Earnings Report /
Thailand

IRPC PCL: 1Q22 earnings in line; QoQ improvement expected in 2Q22

  • In line with forecast

  • IRPC posted a 1Q22 net profit of Bt1,501m

  • IRPC’s 2Q22 core earnings look set to soften YoY

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

Bualuang Securities
11 May 2022

Expectations of market GRM expansion and QoQ core operational improvement should catalyze the share price going forward. Also, there is scope for upside to our earnings projections from cost-saving initiatives and new investments. IRPC’s current valuation is still undemanding—a YE22 PBV of 0.8x (1.2SD below its long-term mean of 1.3x).

In line with forecast

IRPC posted a 1Q22 net profit of Bt1,501m, down by 73% YoY and 32% QoQ. Stripping out extra items, the core loss was Bt1,313m, a reversal from core profits posted in 1Q21 and 4Q21. The result was in line with our estimate and that of the consensus.