Index Livingmall PCL

ILM: Expect 4Q21 Earnings Improve QoQ

Equity Bottom-Up
118 Views, 20 Jan 2022 10:59
EXECUTIVE SUMMARY
  • 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)
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
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Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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