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BEC World: Net profit in line with our model

  • 1Q21 bottom-line was in line with our estimate
  • BEC posted NPAT of Bt139m for 1Q21
  • The top-line dived by 20% YoY and 24% QoQ

After three years in the red, BEC’s bottom-line resumed being written in black ink for 2020. Earnings should build momentum through 2021, supported by a revenue recovery, lower costs, and business expansion tied to its content library. We also expect the return of Sorayuth Suthassanachinda to strengthen Channel 3. He comes back at the right time, we believe. BEC has already restructured its cost side. It now needs revenue growth. BUY!

1Q21 bottom-line was in line with our estimate

BEC posted NPAT of Bt139m for 1Q21, a YoY turnaround but down 43% QoQ. Excluding a Bt3m impairment (determined in accordance with TFRS9), core earnings would be Bt142m, a YoY turnaround but down 42% QoQ. The core profit was in line with our estimate but was 27% ahead of the consensus.


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