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.