Expectations of strong YoY core earnings growth through 4Q22 should boost TOP’s share price going forward. And its valuation is still undemanding—a YE23 PBV of only 0.8x (1.2SD below its long-term mean of 1.4x). Our BUY rating stands.
Slightly lower than our estimate, but beats consensus’
TOP reported a 3Q22 net profit of Bt12m, down substantially YoY and QoQ. Stripping out extra items, the core profit would be Bt4,686m, up 302% YoY but down 71% QoQ. While the core profit was in line with our projection, the net profit was slightly below our estimate, but it was much better than the consensus’ forecast of a net loss.