Earnings Report /
Thailand

RS PCL: Bottom-line below estimates

  • Bottom-line below estimates

  • RS reported a net profit of Bt13m for 2Q22

  • Sales totaled Bt828m, down by 17% YoY and 2% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
16 August 2022

RS’s stock price has been sold down hard, due to an unexciting 1H22 outlook. However, we expect its core earnings to rise YoY for the next two quarters (to resume a YoY earnings growth for the first time since 4Q20). It’s best to await clear signs of ad spending recovery. 

Bottom-line below estimates

RS reported a net profit of Bt13m for 2Q22, down 76% YoY and 76% QoQ. The result was below our estimate of Bt32m and the street estimate of Bt27m because of lower sales than assumed.