Equity Analysis /
Thailand

TH : JMT Network Services - Better-than-expected cash collection

    CGS-CIMB
    19 May 2022
    Published by

    1Q22 net profit of THB367m (+30% yoy, -23% qoq) was 4%/10% below our/Bloomberg consensus estimates. Although 1Q22 core net profit was a miss due to higher-than-expected insurance expenses and ECL, its cash collection grew a strong 45% yoy. We lift our FY22-24F EPS by 4-15% and our TP to THB74 to reflect stronger cash collection and reduction in insurance expenses from Apr 22F onwards.