Earnings Report /
Thailand

AP Thailand PCL: Impressive 2Q22 result; strong JV transference outlook

  • Beat our estimate (but in line with the consensus)

  • AP posted 2Q22 core earnings of Bt1.6bn

  • We expect 3Q22 earnings to rise YoY but decline QoQ

Bualuang Securities
10 August 2022

We like AP for its potential to beat our current 2022 forecast and its compelling valuation. The stock trades at a cheap 2022 PER of 6.2x, a substantial discount to its 2006-21 mean of 7.0x. Our BUY call stands to a YE22 target price of Bt13, pegged to a PER of 8x.

Beat our estimate (but in line with the consensus)

AP posted 2Q22 core earnings of Bt1.6bn, up 41% YoY but down 9% QoQ from the record high marked for 1Q22. The result beat our estimate by 10% (equity-sharing from JV projects was 89% higher than we had assumed), but was in line with the consensus.