Equity Analysis /
Thailand

TH : Britania - Growing through JV projects

    CGS-CIMB
    16 August 2022
    Published byCGS-CIMB

    2Q22 core net profit increased 27.7% qoq and 92.8% yoy to THB302.7m. 1H22 core net profit formed 49.7% of our FY22 forecast. We expect BRI to deliver a strong core EPS growth CAGR of 28.8% over 2021-23F vs. the sector’s 11.2%. Reiterate Add with a lower TP of THB13.90. Potential re-rating catalysts: more new JV projects.