Earnings Report /
Thailand

Sansiri PCL: 3Q22 in line with us, but 28% above street

  • In line with our estimate but beat the consensus by miles

  • SIRI reported a 3Q22 net profit of Bt1,268m

  • Revenues expanded YoY and QoQ across all business units and GM fattened

Bualuang Securities
15 November 2022

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).