In this environment, media stocks should be under pressure as the market still weighs towards more cautious ad spending. Almost all TV operators are maintaining in a defensive mode. It’s best to await clear signs of ad spending recovery.
2Q22 core profit was in line with our estimate
BEC posted NPAT of Bt173m for 2Q22, down 6% YoY but flattish QoQ. Excluding an extra item, core profit would be Bt166m, down 12% YoY but up 14% QoQ. The net profit was in line with our estimate and consensus projection.