GLOBAL currently trades at a PER of 23.0x for 2023, far below its 10-year mean of 30x. Forward indicators of strong QoQ earnings growth for 4Q22 would trigger positive market sentiment toward the stock, we believe.
Beat our estimate
GLOBAL reported 3Q22 core earnings of Bt775m, up 18% YoY but down 25% QoQ. The number was 7% above our estimate, due to a fatter GM than assumed (but was in line with the Bloomberg consensus).