Equity Analysis /

Thailand - System Integrators - Mediocre 3Q22; good 4Q22 outlook

  • Dull 3Q22 results

  • 4Q22 set to be earnings peak of the year

  • Ready for the next step

Napon Jaisan
Napon Jaisan

Equity Research Analyst

Bualuang Securities
17 November 2022

Firms in System Integrator space had a generally poor 3Q22. Only AIT marked both YoY and QoQ profit growth. Still, all three firms have loaded up on projects for 4Q22, which is set to be the peak earnings quarter of the year.   

Dull 3Q22 results

The three stocks we cover in System Integrator space reported aggregate net earnings of Bt246m, up by 2% YoY and 7% QoQ. Core profit was Bt263m, up 6% YoY but down 1% QoQ. AIT marked core earnings of Bt157m, up by 34% YoY and 11% QoQ and strongest growth in SI space (the lifting of COVID-related restrictions made for easier access to project sites, paving the way for big new projects and revenue growth).