The weakest quarter of the year (for which III still reported a good core profit) is now behind us. We expect strong earnings growth, 2Q22 through 4Q22, to boost the share price going forward. And there’s scope for upside to our long-term earnings projections and target price from new business tied to rail logistics. BUY!
Both NPAT and core profit beat our estimates
III posted a 1Q22 bottom-line of Bt113m, up 46% YoY but flattish QoQ. NPAT was 6% ahead of our estimate (greater equity earnings than assumed) and 10% above the consensus. Stripping out extra items, core earnings would be Bt115m, up 55% YoY but flat QoQ. The core number was 9% beyond our estimate (greater equity earnings than assumed) and 12% ahead of the street.