Earnings Report /
Thailand

Workpoint Entertainment PCL: Bottom-line a big miss

  • 2Q22 net profit was 45% below our estimate

  • WORK posted a Bt37m net profit for 2Q22

  • The top-line was Bt587m, up 6% YoY and 18% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
11 August 2022

In this environment, media stocks should remain under pressure as the market still weighs towards more cautious ad spending. Almost all TV operators are maintaining a defensive mode. It’s best to await clear signs of ad spending recovery. 

2Q22 net profit was 45% below our estimate

WORK posted a Bt37m net profit for 2Q22, down 76% YoY but up 15% QoQ. The result was 45% below our net profit estimate, due to a slimmer GM than we had assumed.