In today’s briefing:
- Bangkok Express and Metro (BEM): Marching On
- SAPPE : Solid Export Sales Drove 2Q22 Profit to New High
Bangkok Express and Metro (BEM): Marching On
- Q2 22 result was healthy derived from both increase in ridership as well as ASP in both expressway and rail.
- Cost increase but not as high as revenue increase therefore margin expanded while net profit went up 3x YoY. 2H 2022 will be even better.
- Compared to AOT, BEM’s PBR is 63% cheaper while its share price still underperformed AOT this year by 11%.
SAPPE : Solid Export Sales Drove 2Q22 Profit to New High
- Excluding onetime items, SAPPE’s 2Q22 core profit came in at Bt179m (+41%YoY, +18%QoQ), all-time-high, above our expectation and BB consensus estimated. Impressive result supported by a record high
- MOGU MOGU drove 2Q22 earnings The 2Q22 net profit rose to all-time-high of Bt167m (+32%YoY, +9%QoQ) driven by a solid Mogu Mogu sales (the best-selling products in export markets).
- The 2Q22 revenue rose to all-time-high of Bt1.2bn (+39%YoY, +21%QoQ), thanks to continues growth in international markets especially from Asia (+85%YoY) and EU & America (+63%YoY) due to re-stocking products
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