Equity Analysis /
Thailand

TH : Berli Jucker - 2Q22: strong EPS recovery from a low base

    Chaiyatorn Sricharoen
    Chaiyatorn Sricharoen

    Research Analyst, CFA

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    CGS-CIMB
    11 August 2022
    Published byCGS-CIMB

    BJC’s 2Q22 net profit of THB1.2bn (+46% yoy, -3.5% qoq) was in line with our estimate but 10% above Bloomberg consensus. We see this as a short-term recovery from a low base. The medium- to long-term outlook looks sluggish to us given the declining hypermarket business. Reiterate Hold with unchanged TP of THB34.