Earnings Report /
Thailand

Precious Shipping PCL: Much better than expected!

  • 3Q21 earnings beat our estimate by 31%

  • PSL posted a 3Q21 net profit of Bt1,501m

  • Revenue shot up by 179% YoY and 38% QoQ

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
11 November 2021

Our TRADING BUY rating stands unchanged with a target price of Bt28, premised on the impressive outlooks for dry bulk shipping and PSL’s bottom-line in the short- to mid-term.

3Q21 earnings beat our estimate by 31%

PSL posted a 3Q21 net profit of Bt1,501m, a YoY turnaround and up a hefty 82% QoQ. The reported bottom-line beat our estimate by 31% (higher T/C rates than assumed) and the consensus by 10%. Stripping out extra items, the core number would be Bt1,538m, a YoY turnaround and up 100% QoQ (and the highest in a decade). Core earnings beat our estimate by 34% (a higher T/C rate than assumed) and the street by 9%.