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TH : Netbay - Higher tax a drag on 2H21F performance

1Q21 core net profit grew 19.2% and beat our forecast by 16.0%, thanks to better-than-expected gross margin and low SGA expenses. We expect healthy core net profit growth in 2Q21F, but 2H21F performance should be hindered by the expiration of a tax privilege. Reiterate Hold with a slightly higher DCF-based TP of THB27.40 (7.5% WACC, 3.0% LTG).


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