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Pruksa Holding PCL: Core result in line; unexciting outlook for 2Q21

  • In line with our model and the consensus
  • PSH reported a 1Q21 net profit of Bt606m
  • We expect 2Q21 core earnings to be flattish YoY but down QoQ

The stock price is likely to move sideways, given the unexciting 2Q21 outlook and the risk of downside to GM (26.7% actual in 1Q21; we assume 31.3% in our 2021 model). However, PSH’s current price is a 37% discount to its end-March BV/share of Bt19.95. Our HOLD call stands to a target price of Bt12.50, pegged to a PER of 9.5x.

In line with our model and the consensus

PSH reported a 1Q21 net profit of Bt606m, down by 34% YoY and 27% QoQ. Excluding a Bt107m gain from the adjusted fair value against the purchase cost of Theptanyapa Co Ltd (which owns Theptharin Hospital) in 1Q21, core earnings would be Bt500m, in line with our estimate and the street.


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