TTW : Better Seasonality Will Drive 2Q22 Earnings

TTW : 3Q22 Earnings to Improve QoQ While Soften YoY

TTW: Expect Profit from Equity Income to Support 2022 Earnings Growth

TTW: Expect 2Q21 Earnings to Increase Driven by Equity Income of CKP

TTW: Expect 3Q21 Earnings to Be the Peak Quarter

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

Pi Research

Thai Equity - Bottom-up - Equities

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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>We downgrade the rating to HOLD from BUY and revise down the target price by 22% to Bt11.70 due to weak earnings outlook from low tap water demand on account </li>
<li>1Q22 net profit dropped to Bt613m (-13% YoY, -1% QoQ), a 4-year low. The result came out lower than our expectation.</li>
<li>The YoY earnings drop was due to decline in gross margin, higher SG&amp;A to sales and lower share of profit from CKP.Meanwhile, revenue dropped 4% YoY dragged by lower sales </li>
</ul>


We downgrade the rating to HOLD from BUY and revise down the target price by 22% to Bt11.70 due to weak earnings outlook from low tap water demand on account 
1Q22 net profit dropped to Bt613m (-13% YoY, -1% QoQ), a 4-year low. The result came out lower than our expectation.
The YoY earnings drop was due to decline in gross margin, higher SG&amp;A to sales and lower share of profit from CKP.Meanwhile, revenue dropped 4% YoY dragged by lower sales 


TTW: Bleak 2022 Outlook and Recovery Thereafter