TTW : 3Q22 Earnings to Improve QoQ While Soften YoY

TTW: Expect Profit from Equity Income to Support 2022 Earnings Growth

TTW: Bleak 2022 Outlook and Recovery Thereafter

TTW: Expect 3Q21 Earnings to Be the Peak Quarter

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>We expect the 2Q22 earnings to improve QoQ from seasonal higher equity income from CKP. However,core operations should weaken due to lower tap water sales. Overall 2022 outlook remains bleak </li>
<li>2Q22 earnings to surge QoQ while soften YoY We estimate the 2Q22 net profit to be at Bt833m (-3%YoY, +36%QoQ). The QoQ growth will be due to higher equity income </li>
<li>The equity income should grow to Bt185m (+5%YoY, +&gt;100% QoQ), thanks to seasonal better hydro powerplant operations. Moreover, the Increase of CKP stake in XPCL (37.5% to 42.5% in 3Q21) </li>
</ul>


We expect the 2Q22 earnings to improve QoQ from seasonal higher equity income from CKP. However,core operations should weaken due to lower tap water sales. Overall 2022 outlook remains bleak 
2Q22 earnings to surge QoQ while soften YoY We estimate the 2Q22 net profit to be at Bt833m (-3%YoY, +36%QoQ). The QoQ growth will be due to higher equity income 
The equity income should grow to Bt185m (+5%YoY, +&gt;100% QoQ), thanks to seasonal better hydro powerplant operations. Moreover, the Increase of CKP stake in XPCL (37.5% to 42.5% in 3Q21) 


TTW : Better Seasonality Will Drive 2Q22 Earnings