Despite the 1H22 result miss, we remain confident that TQM will achieve our new 2022 bottom-line growth forecast of 12.3% YoY. In any case, the stock remains a good long-term play, given its strong prospects for growth across both its insurance and non-insurance (finance and platform) businesses.
Profit was below our estimate
TQM posted 2Q22 earnings of Bt186m, down by 15.9% YoY and 21.8% QoQ. The result was 22% below our projection, due to lower revenue than assumed. The 1H22 profit comprises 40% of our old full-year forecast of Bt1.07bn.