Equity Analysis /

Thailand: System Integrator - The sky is clearing

  • 2Q22 numbers to rise QoQ

  • Strong business and profit growth forecast for 2022

  • Ready to go again

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
4 August 2022

The prices of System Integrator stocks dropped in the wake of seasonally weak 1Q22 results. But we expect stronger profits for 2Q22 and 2H22. Given their cheap valuations (a mean PER of below 20x), the downside risk appears limited. ITEL is our top pick in anticipation of a hefty 2Q22 profit and earnings growth through 2H22, led by new NBTC projects.