RATCH: New Capacity Addition Would Offset EPS Dilution

Equity Bottom-Up

183 Views, 23 May 2022 11:54

EXECUTIVE SUMMARY

Last week analyst meeting came out in a positive tone. We maintain the BUY call based on target price of Bt48.0 derived using SOTP methodology, implying 9.0xPE’22E.
The 2Q22 earnings is expected to improve QoQ from1 higher share of profit from HPC, 2)equity income from new 145MWe gas PP COD in 1Q22.While full quarter profit from 476M
We see the 2022-25 outlook promising,considering 1)Steady earnings growth supported by 28% PP operating capacity expansion and 2)rising RE proportion which will rule out the ESG concerns and support rerating

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