The YoY rise in the 3Q22 bottom-line was driven by the release of pent-up demand following the lifting of COVID-related restrictions and due to higher oil prices (for O&G stocks). Looking ahead, ongoing business normalization and the inbound tourism recovery will support 4Q22 earnings expansion.
3Q22 NPAT rose 13% YoY (6.5% below consensus estimate)
The stocks comprising the SET reported aggregate bottom-line growth of 13% YoY (down 33% QoQ). The YoY expansion reflected the ongoing business recovery from COVID effects, high O&G earnings, and a strong tourism recovery. The QoQ slippage was because of substantial losses on inventories, a slimmer market GRM in Refinery space, and lower QoQ COVID-related revenue in the Healthcare sector.