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Thailand: Thai Market Strategy - SET earnings roundup for 3Q22

  • 3Q22 NPAT rose 13% YoY (6.5% below consensus estimate)

  • Disappointing 3Q22 results prompt forecast-downsizing

  • 3Q22 SET profit rose 13% YoY

Poramet Tongbua
Poramet Tongbua

Equity Research Analyst

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Bualuang Securities
16 November 2022

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.