Earnings Report /
Thailand

Global Green Chemicals PCL: Street-beating 3Q22 earnings; further YoY growth ahead

  • Above estimates

  • GGC posted a 3Q22 net profit of Bt70m

  • GGC’s 4Q22 core earnings look set to expand further YoY

Suppata Srisuk
Suppata Srisuk

Equity Research Analyst

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Bualuang Securities
9 November 2022

Expectations of YoY core earnings growth through 4Q22 should catalyze the share price going forward. Our TRADING BUY rating stands.

Above estimates

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.