SAPPE : Continue Deliver Solid Earnings in 3Q22

SAPPE : Impressive Sales Form MOGU MOGU Drove 3Q22 Earnings to All-Time-High

SAPPE: Targets to Hit Revenue at Bt10bn by 2026

SAPPE: MOGU MOGU Boost Earnings Momentum in 2022-24

SAPPE: Strategic Partner Will Unlock Growth Opportunities in 2022

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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Excluding onetime items, SAPPE’s 2Q22 core profit came in at Bt179m (+41%YoY, +18%QoQ), all-time-high, above our expectation and BB consensus estimated. Impressive result supported by a record high</li>
<li>MOGU MOGU drove 2Q22 earnings The 2Q22 net profit rose to all-time-high of Bt167m (+32%YoY, +9%QoQ) driven by a solid Mogu Mogu sales (the best-selling products in export markets).</li>
<li>The 2Q22 revenue rose to all-time-high of Bt1.2bn (+39%YoY, +21%QoQ), thanks to continues growth in international markets especially from Asia (+85%YoY) and EU &amp; America (+63%YoY) due to re-stocking products </li>
</ul>


Excluding onetime items, SAPPE’s 2Q22 core profit came in at Bt179m (+41%YoY, +18%QoQ), all-time-high, above our expectation and BB consensus estimated. Impressive result supported by a record high
MOGU MOGU drove 2Q22 earnings The 2Q22 net profit rose to all-time-high of Bt167m (+32%YoY, +9%QoQ) driven by a solid Mogu Mogu sales (the best-selling products in export markets).
The 2Q22 revenue rose to all-time-high of Bt1.2bn (+39%YoY, +21%QoQ), thanks to continues growth in international markets especially from Asia (+85%YoY) and EU &amp; America (+63%YoY) due to re-stocking products 


SAPPE : Solid Export Sales Drove 2Q22 Profit to New High

Sappe Pcl

SAPPE : Solid Export Sales Drove 2Q22 Profit to New High