Earnings Report /
Thailand

OR: Street-beating 2Q22 profit; further YoY growth ahead

  • Beat all estimates

  • OR reported a 2Q22 net profit of Bt6,568m

  • We have revised up our 2022 net profit forecast by 42% to Bt17,672m

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

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Bualuang Securities
15 August 2022

The street-beating 2Q22 result together with expectations of YoY earnings growth in 3Q22 and 2022 overall, buoyed by broad demand improvement and expansion in both oil and non-oil businesses should catalyze the share price going forward.  Also, there is scope for upside to our earnings forecast from new investments. Our BUY rating stands.

Beat all estimates

OR reported a 2Q22 net profit of Bt6,568m, up 104% YoY and 71% QoQ. The result was 16% above our estimate (23% above the consensus’), due to fatter gross profit of oil biz than expected.