ILM: Positive Earnings Outlook in 2022-24

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

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

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Equity Bottom-Up

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<li>Maintain BUY recommendation for ILM and roll over target price to Bt24 (Previous TP: Bt21). ILM’s 3Q22 net profit came in at Bt153m (+173%YoY, -6%QoQ), in-line with our expectation</li>
<li>3Q22 earnings recovered YoY Its net profit came out at Bt153m (+173%YoY, -6%QoQ). The 9M22 result accounted for 74% of full-year net profit in 2022.</li>
<li>The YoY growth in earnings supported in earnings mainly supported by 1)SSSG at 21.4%,2)rental income surged to Bt171m (+77%YoY),an all-time-high,and 3)healthier gross profit margin at 44.8% from 43.8% in 3Q21</li>
</ul>


Maintain BUY recommendation for ILM and roll over target price to Bt24 (Previous TP: Bt21). ILM’s 3Q22 net profit came in at Bt153m (+173%YoY, -6%QoQ), in-line with our expectation
3Q22 earnings recovered YoY Its net profit came out at Bt153m (+173%YoY, -6%QoQ). The 9M22 result accounted for 74% of full-year net profit in 2022.
The YoY growth in earnings supported in earnings mainly supported by 1)SSSG at 21.4%,2)rental income surged to Bt171m (+77%YoY),an all-time-high,and 3)healthier gross profit margin at 44.8% from 43.8% in 3Q21


Index Livingmall PCL

ILM : 3Q22 Earnings Remained Solid YoY