Share price is irrationally cheap at 10% discount to its BV of Bt10.0/share end-3Q21 (proven 6% profit growth YoY in 9M21) and a 2022 PER of 6.2x, 13% below its long-term mean. AP is one of the best plays in dividend season in early 2022 due to a full-year dividend payment. We maintain BUY rating at a YE22 target price of Bt10, pegged to a PER of 7x. Short-term catalyst is strong presales in 4Q21, exciting business plan in 2022 and earnings upgrade flow.
In line with our estimate and the consensus’
AP posted core profit of Bt1.03bn for 3Q21, down 29% YoY (high base set by record core profit at Bt1.45bn in 3Q20), and down 8% QoQ. The result was in line with our estimate and that of consensus.