The easing of the hard lockdown and the lifting of state quarantine requirements should make for greater public transport usage and income at the media biz. And the potential tender for the Orange Line would generate positive market sentiment toward BTS, we believe. BUY!
NPAT beat our estimate, but the core number missed
BTS reported a 2Q21 (Jul-Sep 2021) net profit of Bt576m, down by 25% YoY and 58% QoQ. The bottom-line was 28% ahead of our estimate (much bigger extra gains than assumed), but was 33% short of the consensus. Stripping out extra items (gains on financial instruments and sales of investments), the core number would be Bt377m, down by 39% YoY and 60% QoQ. Core profit missed our estimate by 16% (weaker operations among JVs and associates than we had assumed) and the street by 56%.