We suggest buying SIRI, as the market has not yet priced in the street-beating 3Q22 result (though it was in line with our estimate) in anticipation of street forecast-upsizing flows. Our BUY call stands to a YE23 target price of Bt1.60, pegged to a PER of 6.0x (our ResProp coverage’s long-term mean).
In line with our estimate but beat the consensus by miles
SIRI reported a 3Q22 net profit of Bt1,268m, up by 102% YoY and 38% QoQ and its best quarter since 2017. Excluding a Bt10m gain from asset sales, core earnings would be Bt1,258m, up by 100% YoY and 45% QoQ. The result was in line with our estimate, but was 28% above the consensus (GM was 170bps fatter than the street assumption).