Earnings Report /
Thailand

OR: Nadir quarter is behind us; QoQ rebound expected in 4Q21

  • Below estimates

  • OR reported a 3Q21 net profit of Bt1,892m

  • We have cut our 2021 net profit forecast by 16%

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

Bualuang Securities
10 November 2021

The recent share price correction has already been priced in the 2021’s bottom-out quarter, we believe. OR looks set to post a V-shape rebound in both oil and non-oil businesses in 4Q21 after Thailand’s lockdown easing. Also, there is scope for upside to our earnings forecast from new investments.

Below estimates

OR reported a 3Q21 net profit of Bt1,892m, down 45% YoY and 41% QoQ. NPAT was 17% below our estimate and that of the consensus, due to lower non-oil biz revenue than expected and higher operating expenses than modeled.