TTW: Bleak 2022 Outlook and Recovery Thereafter

TTW : Better Seasonality Will Drive 2Q22 Earnings

TTW : 3Q22 Earnings to Improve QoQ While Soften YoY

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

TTW: Expect 3Q21 Earnings to Be the Peak Quarter

TTW: 4Q20 Earnings Dropped Both YoY and QoQ

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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Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

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

Equity Bottom-Up

<ul>
<li>We expect 4Q21E net profit at Bt736m (+7%YoY, -21%QoQ), dropping QoQ due to lower equity income contribution from power plant business.</li>
<li>Meanwhile, 4Q21 earnings from tap water business will reach 19 quarter low at Bt624m due to lower demand from both industrial customers and PWA.</li>
<li>Revise down 2021-23 earnings slightly to reflect weaker demand for tap water.</li>
</ul>


We expect 4Q21E net profit at Bt736m (+7%YoY, -21%QoQ), dropping QoQ due to lower equity income contribution from power plant business.
Meanwhile, 4Q21 earnings from tap water business will reach 19 quarter low at Bt624m due to lower demand from both industrial customers and PWA.
Revise down 2021-23 earnings slightly to reflect weaker demand for tap water.


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