The strong 1Q21 result will generate positive sentiment toward the stock. And AP pays the highest dividend yield among our ResProp coverage. Its current stock price implies a 12% discount to our ResProp coverage mean PER of 8.4x (comparing apples-to-apples project developer peers, so excluding LH and QH, which both have substantial recurring income and profit recognition from their respective stakes in HMPRO). We maintain a BUY rating with an unchanged YE22 target price of Bt12.0, pegged to a PER of 8.0x.
In line with our model
AP reported a 4Q21 bottom-line of Bt994m, up 5% YoY but down 4% QoQ. Excluding extra items, core profit would be Bt993m, up 5% but down 4% QoQ, in line with our estimate and the consensus. 2021 core earnings hit a new record of Bt4.5bn, up 7% YoY. AP announced a DPS of Bt0.50 for 2021, a 4.5% yield (XD May 10, payment May 26).