OSP is cheap—a 2022 PER of 31.8x (1SD below its four-year mean and near its IPO price). We have a BUY call to a YE22 target price of Bt38.
2Q22 core earnings missed our estimate by 10%
OSP reported a core profit of Bt604m for 2Q22, down by 26% YoY and 9% QoQ. The number was 10% below our estimate and 9% shy of the consensus.