Earnings Report /
Thailand

Global Power Synergy PCL: 3Q21 result miss

  • NPAT was 9% below our estimate

  • GPSC posted a 3Q21 bottom-line of Bt1,875m

  • Revenue increased 8% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
8 November 2021

We expect buying flows among investors looking for stocks to hold on the low-carbon theme (both EV-related and renewable power). GPSC remains one of our top Utilities picks. BUY!

NPAT was 9% below our estimate

GPSC posted a 3Q21 bottom-line of Bt1,875m, down by 27% YoY and 19% QoQ. The reported number was 9% short of our estimate (and 21% below the consensus), due to a slimmer GM, heavier SG&A expenses, and lower equity earnings than assumed. Stripping out extra items (FX losses), core profit would be Bt2,002m, down by 21% YoY and 3% QoQ. Core earnings missed our expectation by 8% (slimmer GM, heavier SG&A costs, and lower equity earnings than assumed) and the consensus by 16%.