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 : Accumulate on Weakening Earnings Outlook

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>The company continues to gain make share in zero-growth digital TV industry as its TV rating climbed to 3rd place in terms of all-day rating in 2Q22.In addition,channel ONE(n0. 31) </li>
<li>2Q22 earnings drop to three-quarter low The company report 2Q22 net profit at Bt179m (-32%YoY -29%QoQ). QoQ and YoY drop in earnings pressured by contraction in gross profit </li>
<li>QoQ drop in revenue mainly dragged by content sales that normalized from high base in 1Q22 to Bt339m (-26%QoQ)in 2Q22 while revenue from production services fell by 18% to Bt101m</li>
</ul>


The company continues to gain make share in zero-growth digital TV industry as its TV rating climbed to 3rd place in terms of all-day rating in 2Q22.In addition,channel ONE(n0. 31) 
2Q22 earnings drop to three-quarter low The company report 2Q22 net profit at Bt179m (-32%YoY -29%QoQ). QoQ and YoY drop in earnings pressured by contraction in gross profit 
QoQ drop in revenue mainly dragged by content sales that normalized from high base in 1Q22 to Bt339m (-26%QoQ)in 2Q22 while revenue from production services fell by 18% to Bt101m
