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Index Livingmall PCL: Growth as expected; YoY jump for 2Q21

  • In line with our model
  • ILM posted a core profit of Bt145m for 1Q21
  • Sales totaled Bt2bn in 1Q21 (75% store sales

We suggest loading ILM in anticipation of strong YoY earnings growth for 2Q21. ILM’s valuation is cheap—a 2021 PER of just 13.3x, far below our home improvement coverage mean of 32.2x. The stock currently trades at a 9% discount to replacement value of Bt16.1/share. Our BUY call stands to a YE21 DCF-derived target price of Bt17, a 10% discount to DCF-derived value (8.3% WACC and 2.0% terminal growth).

In line with our model

ILM posted a core profit of Bt145m for 1Q21, up by 23% YoY and 5% QoQ, in line our estimate.


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