Earnings Report /
Thailand

VGI PCL: Core loss, as expected

  • Core loss was in line with our estimate

  • VGI posted a net loss of Bt9m for 2Q21

  • The top-line was Bt923m, up by 29% YoY and 55% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
15 November 2021

We don’t believe that COVID-19 will irrevocably dissuade people from going outside, so OOH media will remain a major component of future ad budgets when conditions normalize. Out-of-Home (OOH) media should rebound faster than other categories in 4Q21. BUY!

Core loss was in line with our estimate

VGI posted a net loss of Bt9m for 2Q21 (the Jul-Sep quarter), a YoY and QoQ reversal to red ink. Excluding a Bt73m net-of-tax gain on financial instruments, the core loss would be Bt83m. VGI’s core loss was in line with our estimate (but was deeper than the consensus projection of a core loss of Bt27m).