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.
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.