Earnings Report /
Thailand

TQM Corp PCL: Profit miss! Heavier OPEX than assumed

  • Profit was below our estimate

  • TQM posted 1Q22 earnings of Bt214m

  • Revenue (commission and services) totaled Bt876m

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

Bualuang Securities
13 May 2022

Despite the 1Q22 result miss, we remain confident that TQM will achieve our 2022 bottom-line growth forecast of 20%. Our YE22 target price downsizes from Bt63 to Bt59 because we have upped the risk-free rate assumption in our DCF valuation model from 2.5% to 3.0%. BUY!

Profit was below our estimate

TQM posted 1Q22 earnings of Bt214m, up 5.9% YoY but down 4.7% QoQ. The result was 13% below our projection, due to heavier OPEX than assumed. The 1Q22 profit comprises 20% of our full-year forecast of Bt1.07bn.