The expectations of core profit expansion in 1Q22/23 (Apr - Jun) and throughout FY22, with improved performance across all key businesses, should catalyze the share price going forward. The current valuation is still undemanding—trades at FY22 PE of only 15.8x (1.1SD below its long-term mean of 24.3x).
EPG reported a 4Q21/22 (Jan-Mar) net profit of Bt336m, down 17% YoY and 16% QoQ. Stripping out extra items, core earnings would be Bt348m, down 2% YoY and 5% QoQ. The result was 15% below our forecast (and that of the consensus), due to lower share of equity income than modeled and higher additional expenses than expected. EPG announced 2H21 DPS of Bt0.19, implying a simple yield of 1.9% (XD: 1 Aug, payment: 19 Aug).