Earnings Report /
Thailand

AAPICO Hitech PCL: Big 3Q22 beat!

  • Core profit was 33% above our estimate

  • AH posted 3Q22 net earnings of Bt601m

  • Our 4Q22 core profit forecast is Bt312m

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
15 November 2022

We have a BUY call to a YE23 target price of Bt45. Our model points to further growth during 2023, supported by a new Ford order that started in Thailand in 2022 and will commence abroad in 2023. Moreover, BYD is building its first factory in Thailand. AH said it is BYD’s partner, so we expect AH to receive orders from BYD once the Chinese automaker’s factory starts operating.

Core profit was 33% above our estimate

AH posted 3Q22 net earnings of Bt601m, up by a hefty 156% YoY and 47% QoQ. Excluding a Bt175m FX gain, core profit would be Bt426m, up by 236% YoY and 52% QoQ. The core number was 33% above our estimate and 30% ahead of the Bloomberg consensus because of higher revenues at both the OEM operation and the car dealership business.