BEC’s 4Q21 core earnings look set to drop YoY from a high 4Q20 base. We will update our call and earnings model after the post-3Q21 result meeting on Nov 18. Our HOLD call stands for now.
3Q21 bottom-line was 9% above our estimate
BEC posted NPAT of Bt143m for 3Q21, up 137% YoY but down 25% QoQ. The net profit was 9% above our estimate (a fatter GM than we had assumed), but was in line with the consensus.