Earnings Report /
Thailand

IRPC PCL: 3Q22 net loss in line; improvement expected for 4Q22

  • In line with estimates

  • IRPC posted a 3Q22 net loss of Bt2,549m

  • IRPC’s 4Q22 core earnings look set to rise YoY and QoQ

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

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Bualuang Securities
9 November 2022

Expectations of core operational improvement through 4Q22 should catalyze the share price going forward. Also, there is scope for upside to our earnings projections from new investments. IRPC’s current valuation is still undemanding—a YE23 PBV of 0.7x (1.5SD below its long-term mean of 1.3x).

In line with estimates

IRPC posted a 3Q22 net loss of Bt2,549m, a reversal from net profits posted in 3Q21 and 2Q22. Stripping out extra items, the core loss was Bt1,661m, a reversal from core profits posted in 3Q21 and 2Q22. The result was in line with our estimate and the consensus’.