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Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>BCPG’s 4Q21 net profit fall to Bt238m (-24% YoY, -65% QoQ),a 16-quarter low, mainly dragged by FX loss. The recurring profit stood at Bt583m (+9% YoY,-18% QoQ),inline with our expectation</li>
<li>The revenue recognition from new 20MW project in Japan (4Q21) resulted the YoY growth. While QoQ drop was due to seasonal weak hydro operation.</li>
<li>The company announced divestment of its full stake (33%) in Indonesia geothermal power project. BCPG will book a gain of B1.6bn from the deal</li>
</ul>


BCPG’s 4Q21 net profit fall to Bt238m (-24% YoY, -65% QoQ),a 16-quarter low, mainly dragged by FX loss. The recurring profit stood at Bt583m (+9% YoY,-18% QoQ),inline with our expectation
The revenue recognition from new 20MW project in Japan (4Q21) resulted the YoY growth. While QoQ drop was due to seasonal weak hydro operation.
The company announced divestment of its full stake (33%) in Indonesia geothermal power project. BCPG will book a gain of B1.6bn from the deal


BCPG: Gain from Indonesia Asset Divestment

BCPG PCL

BCPG: Gain from Indonesia Asset Divestment