Index Livingmall PCL Watchlist
ILM: Expect 4Q21 Earnings Improve QoQ
118 Views, 20 Jan 2022 10:59
- We maintain BUY rating with a target price of Bt21.0, derived from 18xPE’22E, +1SD from three years average trading range or 50% discount from Home improvement subsector.
- We expect ILM to report 4Q21 net profit at Bt135m (-6%YoY, +142%QoQ). QoQ recovery will be supported by an increase in revenue, thanks to stores sales recovery (SSSG at +13%YoY)
- We expect 2022E earnings to recover 46%YoY supported by revenue growth at +5.6%YoY to Bt8.5bn from; 1) a new products launch to attract new targeted customers (low-ended and luxury segments)