Earnings Report /
Thailand

BEC World: Net profit was in line with the street

  • 3Q21 bottom-line was 9% above our estimate

  • BEC posted NPAT of Bt143m for 3Q21

  • We expect total ad spend to recover in 4Q21

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
15 November 2021

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.