Earnings Report /
Thailand

Workpoint Entertainment PCL: Deep miss!

  • 2Q21 NPAT was 25% below our estimate

  • WORK posted a Bt70m net profit for 3Q21

  • The top-line was Bt522m, down by 7% YoY and 9% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
11 November 2021

We expect 4Q21 core earnings to weaken YoY and QoQ. And the first-quarter of the year is low season for TV. Therefore, we recommend a wait-and-see stance till there is clearer revenue visibility (probably in 2Q22). Our HOLD call stands.

2Q21 NPAT was 25% below our estimate

WORK posted a Bt70m net profit for 3Q21, down by 8% YoY and 55% QoQ. The result was 25% below our estimate, due to a slimmer GM than we had assumed.