BTS: Earnings Performance Rely Chiefly on Progress of Vaccination
BTS report FY1Q22 (April’21-June’21) net profit at Bt1.4bn (+212%YoY -18%QoQ), stripping out extra items, core earnings would be at Bt1.0bn...
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BTS: Business Outlook Rely Chiefly on Progress of Vaccination
We expect BTS’s core earnings to gradually recover from late 2QFY22 (July’21-Sep’21) onwards when majority of Bangkok commuters received vaccines...
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BTS: Potential Positive Catalysts Ahead
We maintain BUY rating with a target price of Bt12.0 (previous TP12.80), which is equivalent to 60xPE’FY21E, 50% discount to Thai transportation...
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BTS: Solid Core Operation with Huge Potential Upside
We expect BTS’s FY2021 core profit to soften from the previous year pressured by falling revenue from media business under VGI PCL (BUY TP: Bt8.70)...
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BTS: Minor Impact from Possible Bangkok Shutdown
We estimate negative impact to 2020E earnings for BTS at 6% in worst case if they have to halt their mass transit operation for 75 days. With...
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