ONEE : Accumulate on Weakening Earnings Outlook

ONEE : Reaccumulate on Weak 3Q22 Earnings

ONEE : 3Q22 Earnings Dipped QoQ and YoY as Expected

ONEE: Expect Earnings to Grow YoY and QoQ in 1Q22

ONEE: Expect Core Earnings to Hit All-Time High Level

ONEE: Long-Term Goal to Become No. 1 in the Thai TV Industry

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

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Equity Bottom-Up

One Enterprise Public Co Ltd / Equity Bottom-Up

<ul>
<li>Maintain BUY for ONEE but cut target price to Bt11.60.(Previous TP:12.70) after revised down earnings by 13% in 2022E due to slow recovery in TV ad spending. We believe 15%QTD </li>
<li>Expect earnings in 2Q22 to remain dull We expect the company to report 2Q22 net profit at Bt123m (-53%YoY -51%QoQ). Disappointed earnings should be pressured by contraction in gross profit</li>
<li>QoQ drop in revenue should be by content sales that normalized from high base in 1Q22 while revenue from production services shall fall by20%QoQto Bt100m given lower number of contents</li>
</ul>


Maintain BUY for ONEE but cut target price to Bt11.60.(Previous TP:12.70) after revised down earnings by 13% in 2022E due to slow recovery in TV ad spending. We believe 15%QTD 
Expect earnings in 2Q22 to remain dull We expect the company to report 2Q22 net profit at Bt123m (-53%YoY -51%QoQ). Disappointed earnings should be pressured by contraction in gross profit
QoQ drop in revenue should be by content sales that normalized from high base in 1Q22 while revenue from production services shall fall by20%QoQto Bt100m given lower number of contents
