We expect strong core earnings expansion for 4Q21 and 2022, driven by broad demand improvement and structurally expanding demand for consumer-linked packaging and acquisitions. The stock currently trades at low valuation metrics compared with its peers—a 2022 PER of only 12.7x (a deep discount to its peers’ mean of 23.1x).
In line with estimate
TPAC reported a 3Q21 net profit of Bt50m, down 37% YoY and 1% QoQ. Stripping out extra loss, the core earnings would be Bt55m, down by 31% YoY but up 8% QoQ. The net profit was in line with our forecast.