Earnings Report /
Thailand

SVI PCL: In line with estimate

  • 2Q22 core earnings were in line with our forecast

  • SVI posted a 2Q22 net profit of Bt422m

  • 2Q22 revenue totaled Bt6bn

Napon Jaisan
Napon Jaisan

Equity Research Analyst

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Bualuang Securities
15 August 2022

SVI comes with risks associated with the global economic slowdown, supply chain issues, and geopolitical tensions. The potential cycle peak and limited upward earnings revision breadth may create downside risks into 2022-23. Moreover, after strong 1H22 profits, the firm will enter a soft earnings phase for at least four quarters, 3Q22-2Q23. We recommend a wait-and-see stance for now.

2Q22 core earnings were in line with our forecast

SVI posted a 2Q22 net profit of Bt422m, up by 155% YoY and 61% QoQ. Stripping out a Bt54m FX gain and a Bt77 gain from divestment, core earnings would be Bt290m, up by 94% YoY and 36% QoQ. The core number was in line with our estimate and the consensus projection.