TH : Jay Mart - Banking on stronger earnings in 2H22F

JMART’s core net profit of THB325m (+22% yoy, -19% qoq) was 5% below our expectation, at 17% of our full-year forecast. We expect JMART’s NP growth to accelerate in 2H22F, led by Jaymart Mobile’s store expansion and JMT Network Services’s earnings growth. We cut FY22-24F core EPS by 2-5% as we lower profit contribution from its subsidiaries but raise JMART’s TP to THB53.5 to reflect higher TP for JMT.