Earnings Report /
Thailand

AP Thailand PCL: Impressive 1Q22 result; forecast upgrade flows ahead!

  • In line with our model and the consensus

  • AP posted record core earnings of Bt1.7bn for 1Q22

  • We expect 2Q22 earnings to rise YoY but decline QoQ from the 1Q22 record

Phoowadol Phoosodngern
Bualuang Securities
11 May 2022

Looking past the XD effect on May 10, AP’s record earnings and street forecast upgrade flows will generate positive sentiment toward the stock. Because of our upsized core profit projection, we have raised our YE22 target price from Bt12 to Bt13, pegged to a PER of 8.0x (0.5SD above its 2006-20 mean).

In line with our model and the consensus

AP posted record core earnings of Bt1.7bn for 1Q22, up by 31% YoY and 74% QoQ. The result was in line with our estimate and the consensus.