Substantial core earnings growth outlook through 2Q22 and throughout 2022 should continue to boost the share price going forward. The current valuation is still undemanding—trades at YE22 PBV of only 1.3x (0.7SD below its long-term mean of 1.8x). Moreover, there’s scope for upside to our forecasts and valuation from new investments/acquisitions. BUY!
Hefty core earnings expansion expected for 1Q22
The 1Q22 looks set to be a solid start for IVL’s 2022 performance. We expect the firm to post robust core and net profit growth in 1Q22—a net profit of Bt9,659m, up 61% YoY and 79% QoQ, with core earnings of Bt7,419m, up 188% YoY and 34% QoQ.