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.