In today’s briefing:
- JWD: Solid Earnings Growth Profile in 4Q21 and Onward to 2022E
- PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss
JWD: Solid Earnings Growth Profile in 4Q21 and Onward to 2022E
- We expect the company to report 4Q21 net profit at Bt159m.(+110%YoY +14%QoQ), an all-time high level. YoY and QoQ expansion will be driven by a spike in equity income Bt102m
- Anticipate revenue to hit all-time high at Bt1.4bn in 4Q21, mainly driven by high season for logistics segment and consolidation of overseas business.
- Solid outlook for warehouse & yard management in 2022, Potential upside from business expansion via multi-model strategy with JVs
PTG: Low Marketing Margin to Drag 4Q21 Earnings to Net Loss
- We expect PTG to post a net loss of Bt174m in 4Q21E, a first-time quarterly loss dragged by decline in marketing margin of oil retail business.
- The price cap implemented by government on diesel during 4Q21 dragged the marketing margin to Bt1.35/liter (-30% YoY, -28% QoQ), well below the breakeven level of Bt1.6/liter.
- We expect the earnings to recover from loss 1Q22 onwards and gradually pick up each quarter in 2022, We are more positive on the 2H22-2023 outlook.
Before it’s here, it’s on Smartkarma
