Earnings Report /
Thailand

BEC World: In line with estimate

  • 1Q22 core profit was in line with our estimate

  • BEC posted NPAT of Bt174m for 1Q22

  • The top-line declined 5% YoY and 22% QoQ

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
17 May 2022

After four years in the red, BEC’s bottom-line finally turned around for 2021 (despite COVID-19). Earnings should build momentum through 2022, supported by recovering revenue, lower costs, and business expansion tied to the firm’s content library. Moreover, the high ad spending season runs 2Q-3Q22, so BEC’s earnings profile looks expansive for the next three quarters.

1Q22 core profit was in line with our estimate

BEC posted NPAT of Bt174m for 1Q22, up 25% YoY but down 41% QoQ. The net profit was in line with our estimate. Excluding an extra item, core profit would be Bt146m, up 3% YoY but down 57% QoQ.