Earnings Report /
Thailand

VGI PCL: Deeper core loss than estimated

  • Core loss was deeper than our estimate

  • VGI posted a net profit of Bt25m for 1Q21

  • The top-line was Bt1bn, up by 75% YoY but down 9% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
15 August 2022

VGI is transforming from a media firm into a data-driven service provider by broadening its data trove of customer-related data and using it better in order to optimize the marketing efforts of brand owners in this age of empowered consumers and Big Data. We still have faith in its long-term growth potential.

Core loss was deeper than our estimate

VGI posted a net profit of Bt25m for 1Q21 (their Apr-Jun quarter), up 158% YoY and a QoQ turnaround. Excluding gains from divestment and financial assets, core loss was Bt139m, a YoY reversal into the red ink and flattish QoQ. VGI’s core loss was deeper than our estimate of Bt61m and the consensus projection of Bt10m.