Earnings Report /
Thailand

RS PCL: Bottom-line beat estimates

  • Bottom-line above estimates

  • RS reported a net profit of Bt55m for 1Q22

  • Sales totaled Bt845m, down by 15% YoY but up 15% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
18 May 2022

RS’s stock price has been sold down hard, due to an unexciting 1Q22 outlook. However, we expect its core earnings to rise YoY for the next three quarters (to resume a YoY earnings growth for the first time since 4Q20). Our call shifted from HOLD to TRADING BUY.

Bottom-line above estimates

RS reported a net profit of Bt55m for 1Q22, down 61% YoY but a QoQ turnaround. The result was 48% above our estimate and 38% better than the street because of a fatter GM and higher sales than assumed.