MC: FY2Q22 Earnings Grew Both YoY and QoQ

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

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Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation with a target price of Bt12.50 MC’s FY1Q23 (July-Sep 2022) net profit came in at Bt116m (+392%YoY, -5%QoQ), in-line with our expectation and BB consensus estimated.</li>
<li>Strong profit recovery in FY1Q23 Its net profit came out at Bt116m (+392%YoY, -5%QoQ). The 9M22 result accounted for 20% of full-year net profit in FY2023 (July’22-June’23).</li>
<li>Revenue was at Bt759m (+73%YoY, +1%QoQ), driven by sales from free-standing shop channel (+91%YoY) and sales of department stores channel (+115%YoY) which offset the soften online sales (-19%YoY).</li>
</ul>


Maintain BUY recommendation with a target price of Bt12.50 MC’s FY1Q23 (July-Sep 2022) net profit came in at Bt116m (+392%YoY, -5%QoQ), in-line with our expectation and BB consensus estimated.
Strong profit recovery in FY1Q23 Its net profit came out at Bt116m (+392%YoY, -5%QoQ). The 9M22 result accounted for 20% of full-year net profit in FY2023 (July’22-June’23).
Revenue was at Bt759m (+73%YoY, +1%QoQ), driven by sales from free-standing shop channel (+91%YoY) and sales of department stores channel (+115%YoY) which offset the soften online sales (-19%YoY).


MC Group Pcl

MC : Strong Profit Recover YoY in FY1Q23