We reiterate a HOLD call with a DCF-derived YE22 target price of Bt20. GLOBAL’s slight result beat for 2Q22 and current valuation (PERs of 25x for 2022 and 22x for 2023) may generate some renewed market interest. But the seasonally weak 2H22 outlook doesn’t make much of an argu-ment for taking positions at the moment.
Earnings beat our estimate by 3% and the street by 5%
GLOBAL reported a core profit of Bt1,028m for 2Q22, up 6% YoY but down 11% QoQ. The core number was 3% above our estimate and 5% ahead of the Bloomberg consensus. Sales were in line with our assump-tion (we assume SSSG of 1.5%), but GM was fatter than we had expected.