Earnings Report /
Thailand

RS PCL: Better core profit than estimated

  • Bottom-line above estimates

  • RS reported a net profit of Bt82m for 3Q22

  • Sales totaled Bt947m, up 11% YoY and 14% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
15 November 2022

RS’s stock price has been sold down hard, due to an unexciting 1H22 outlook. However, its 3Q22 performance was stronger than the market anticipated. We expect its core earnings to rise YoY for (at least) the next two quarters. Our call has shifted from HOLD to TRAIDNG BUY.   

Bottom-line above estimates

RS reported a net profit of Bt82m for 3Q22, a YoY turnaround and up 597% QoQ. The result was 17% above our estimate and 46% ahead of the street estimate because of fatter GM than assumed.