Expectations of YoY core earnings growth through 4Q22 should catalyze the share price going forward. Our TRADING BUY rating stands.
GGC posted a 3Q22 net profit of Bt70m, down by 71% YoY and 83% QoQ. Stripping out Bt441m inventory loss, Bt95m loss on derivatives, and Bt78m FX gain, core earnings would be Bt528m, up by 368% YoY but down 10% QoQ. The core profit was 12% above our estimate and the bottom-line was 28% above our projection (37% above the consensus’), due to higher FA biz profit than expected.