The street-beating result is likely to trigger a stock price rally. SIRI currently trades at a 2022 PER of 7.7x and a 44% discount to actual end-Sep BV of Bt2.3/share (excluding a Bt5bn perpetual bond). If XPG (SIRI holds 14%) were to announce any exciting projects related to its digital asset business, we would expect flow-on benefits for SIRI’s stock price. Our BUY call stands to a YE22 target price of Bt1.6, pegged to a PER of 9.5x.
Above our expectation and 33% ahead of the consensus
SIRI reported NPAT of Bt628m for 3Q21, down by 18% YoY and 5% QoQ. The result was 7% above our estimate (a 90bps fatter sales GM than assumed) and 33% ahead of the street (core margin was considerably fatter than the consensus assumption).