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B Grimm Power PCL: A new record core profit ahead!

  • Smaller FX loss than assumed
  • BGRIM announced 1Q21 net earnings of Bt611m
  • Revenue declined 7% YoY but was flattish QoQ

Assuming no deep Ft rate cut, BGRIM’s core earnings can be expected to grow robustly. Moreover, Vietnam’s energy planners should publish that country’s PDP8 soon. If it opens new investment opportunities for BGRIM, we would expect the stock to rally.

Smaller FX loss than assumed

BGRIM announced 1Q21 net earnings of Bt611m, up by 657% YoY and 6% QoQ. The reported number was 42% ahead of our estimate (a smaller FX loss than assumed) but was in line with the street. Stripping out extra items, core profit would be Bt646m, down 5% YoY but up 25% QoQ. The core number was in line with our projection and the consensus.


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