Our BUY call stands to a YE23 target price of Bt24. 4Q22 will prove to be the watershed quarter for NEX, we believe, as the factory will operate for the entire period.
Turned profitable as expected
NEX posted a 3Q22 net profit of Bt8m, a turnaround from losses of Bt20m for 3Q21 and Bt59m for 2Q22. The modest NPAT was in line with our Bt15m estimate.