Earnings Report /
Thailand

Banpu Power PCL: Deep miss; QoQ improvement expected for 4Q21

  • Far below our estimate

  • BPP posted 3Q21 NPAT of Bt596m

  • Revenue increased by 8% YoY and 22% QoQ

Bualuang Securities
11 November 2021

BPP’s 2022 core profit outlook is good. We also anticipate that battery and EV themes will support its stock price going forward. BUY!

Far below our estimate

BPP posted 3Q21 NPAT of Bt596m, down by 29% YoY and 47% QoQ. The reported bottom-line was 39% below our estimate (and 11% short of the consensus), due to lower equity earnings than assumed. Stripping out extra items, core earnings would be Bt399m, down by 42% YoY and 60% QoQ. The core number missed our projection by 39% and the street by 29%.