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.

Equity Analysis /
ThailandThailand: System Integrator - The sky is clearing
2Q22 numbers to rise QoQ
Strong business and profit growth forecast for 2022
Ready to go again
4 August 2022

4 August 2022
Published byBualuang Securities