We expect the stock price to rebound on anticipation of strong 4Q21 earnings growth. There are multiple potential drivers of value—new partnerships with COM7 in Thailand and MAP Group in Indonesia, govt stimulus, and the release of pent-up demand. ILM is a value play, as its 2022 PER of 14.8x is far below the peer mean of 25.2x. Our BUY call stands and we have upsized our YE22 target price from Bt17.50 to Bt19.5, as we have removed the 10% discount that we previously applied to our DCF-derived valuation (8.3% WACC and 2.0% terminal growth).
12% above our estimate, No
ILM posted a core profit of Bt56m for 3Q21, down by 62% YoY and 45% QoQ. The result was 12% above our estimate of Bt50m, due to an 80bps lower SG&A/revenue ratio than assumed. No estimate from the consensus.