The easing of the hard lockdown and the potential tender for the Orange Line should generate positive market sentiment toward BTS. BUY!
NPAT and core earnings beat our estimate
BTS reported a 3Q21 (Oct-Dec 2021) net profit of Bt1,054m, down 37% YoY but up 83% QoQ. The bottom-line was 63% ahead of our estimate (greater service revenue and a lower cost-of-sales than assumed) and 25% above the consensus. Stripping out extra items (losses on financial instruments and gains on sales of investments), the core number would be Bt1,058m, up by 209% YoY and 181% QoQ. Core profit beat our estimate by 63% (greater service revenue and a lower cost-of-sales than assumed) and the street by 26%.