In today’s briefing:
- JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation
- JWD: Expect Solid Earnings Growth from 2Q22 and Onwards to 2H22
JASIF: 1Q22 Core Profit Remains Flat, In-Line with Our Expectation
- Maintain BUY with target price of Bt12.10, derived from DCF methodology (WACC=9.6%, g=0%), implying 1.1xPBV’22E.
- 1Q22 net profit was Bt1.6bn(-9% YoY, -36% QoQ) due to asset revaluation losses.
- Excluding unrealized loss from asset revaluation of Bt600m,1Q22 core profit remained flat both YoY and QoQ at Bt2.2bn,in line with our forecast due to flat YoY and QoQ revenue atBt2.5bn.
JWD: Expect Solid Earnings Growth from 2Q22 and Onwards to 2H22
- We reiterate a BUY rating but trim down target price to Bt20.0 (Previous TP: Bt22.20) after revised down earnings in 2022E by 10%.The target derived from 37xPE’22E, its +1.0 S.D.
- Expect solid performance for logistics and warehouse businesses from 2Q22 onward to 2H22
- Anticipate shared profit from Transimex(Vietnam)to gradually drop from high base in 4Q21which will be pressured by decreasing global freight rate but the impact is likely to be offset with profit
Before it’s here, it’s on Smartkarma
