BGC : Brighter Outlook in 4Q22 with New M&As on the Card

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

BG Container Glass PCL / Equity Bottom-Up

<ul>
<li>We retain our HOLD recommendation with a rollover TP of Bt10.70,derived from 15.2xPE’23E. Our neutral views are supported by 1)intact growth: 2)attractive yield and 3)potential value uplift from new M&amp;As.</li>
<li>3Q22 core profit grew YoY and QoQ BGC’s 3Q22 earnings came in-line with our forecast of Bt97m (-23%YoY,-10%QoQ).The 9M22 earnings were at Bt421m accounting for 75% of our full-year forecast.  </li>
<li>Excluding the extra items, its core profit came in at Bt85m (+10%YoY, +20%QoQ).</li>
</ul>


We retain our HOLD recommendation with a rollover TP of Bt10.70,derived from 15.2xPE’23E. Our neutral views are supported by 1)intact growth: 2)attractive yield and 3)potential value uplift from new M&amp;As.
3Q22 core profit grew YoY and QoQ BGC’s 3Q22 earnings came in-line with our forecast of Bt97m (-23%YoY,-10%QoQ).The 9M22 earnings were at Bt421m accounting for 75% of our full-year forecast.  
Excluding the extra items, its core profit came in at Bt85m (+10%YoY, +20%QoQ).


BGC : 3Q22 Earnings In-Line with Estimates