The first-quarter of the year is low season for TV. We expect 1Q22 core earnings to be flattish YoY. Therefore, we recommend a wait-and-see stance till there is clearer revenue visibility (probably in 2Q22). Our HOLD call stands.
A 4Q21 net loss; we had expected a modest profit
WORK posted a Bt17m net loss for 4Q21, a YoY and QoQ reversal to red ink. The result was below our net profit estimate of Bt6m, due to a slimmer GM than we had assumed. Management announced a DPS of Bt0.38 for 2H21, implying a 1.5% simple yield (XD Mar 10, payment May 6).