Earnings Report /
Thailand

Workpoint Entertainment PCL: Bottom-line miss

  • 1Q22 core profit was 37% below our estimate

  • WORK posted a Bt32m net profit for 1Q22

  • The top-line was Bt495m, down 11% YoY and 14% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
12 May 2022

The first-quarter of the year is the low season for TV. We expect 2Q22 core earnings to drop YoY but rise QoQ. Therefore, we recommend a wait-and-see stance till there is clearer revenue visibility (probably in 3Q22). Our call shifted from HOLD to SELL.  

1Q22 core profit was 37% below our estimate

WORK posted a Bt32m net profit for 1Q22, down 73% YoY but with a QoQ turnaround. The result was below our net profit estimate of Bt51m, due to a slimmer GM than we had assumed.