We have a BUY call to a YE22 target price of Bt8.35. State agencies will open more project tenders as COVID-19 fades from view. This will greatly benefit AIT through 2H22. And the firm’s market entry into cloud, big-data analytics, software-defined networking, cybersecurity, and IoT space should propagate long-term business and earnings growth.
Core profit in line with our model
AIT posted a 2Q22 bottom-line of Bt122m, down by 11% YoY and 27% QoQ. Excluding a Bt109m gain from selling the Genesis Data Center in 1Q22, core profit would be Bt122m, up by 11% YoY and 53% QoQ. Net profit and core earnings were in line with our expectations. AIT announced a dividend for 1H22 of Bt0.15/share, a simple yield of 2.3%.