The improved market outlook should boost TOP’s operational performance this year. Furthermore, expectations of strong core earnings growth through 2Q22 should boost TOP’s share price going forward. And its valuation is still undemanding—a YE22 PBV of only 0.9x (1SD below its long-term mean). Our BUY rating stands.
In line with estimates
TOP reported a 1Q22 net profit of Bt7,183m, up 114% YoY and 44% QoQ. Stripping out extra items, the core profit would be Bt3,326m, up 114% YoY and 58% QoQ. The result was in line with our estimate and that of the consensus.