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.