Earnings Report /
Thailand

Precious Shipping PCL: Strong 1Q22 result; impressive 2Q22 outlook

  • Strong result, as expected

  • PSL posted a 1Q22 net profit of Bt1,294m

  • Revenue rose 83% YoY

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
9 May 2022

Our TRADING BUY rating stands to a target price of Bt20, premised on the impressive outlooks for dry bulk shipping and PSL’s bottom-line in the short- to mid-term.

Strong result, as expected

PSL posted a 1Q22 net profit of Bt1,294m, up 245% YoY but down 27% QoQ. The reported bottom-line was in line with our estimate and the consensus. Stripping out extra items, the core number would be Bt1,305m, up 382% YoY but down 26% QoQ. The core number was in line with our estimate, but was 6% ahead of the street.