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.