TWPC: Another Weak Quarter but It Should Turnaround Soon

TWPC: Weak 3Q18 from Short-Term Circumstance

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

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Equity Bottom-Up

<h2>TWPC reported 1Q18 net profit of Bt55m (-59%YoY, -62%QoQ). The result was <strong>accounted</strong> for 8% of our full-year forecast.</h2><ul>
<li><p>1Q18 recurring profit was Bt68m (-50%YoY, +84%QoQ). A YoY decline was due to contraction of starch spread given the laggard in selling price increase compared to raw material. Meanwhile, a QoQ increase was thanks to a better margin and expenses control.</p></li>
<li><p>Revenue was solid at Bt1.8bn (+29%YoY, -5%QoQ), but Gross profit margin was narrow at 17.7%, compared to 26.9% in 1Q17 and 16.5%…</p></li>
</ul>

TWPC reported 1Q18 net profit of Bt55m (-59%YoY, -62%QoQ). The result was accounted for 8% of our full-year forecast.
1Q18 recurring profit was Bt68m (-50%YoY, +84%QoQ). A YoY decline was due to contraction of starch spread given the laggard in selling price increase compared to raw material. Meanwhile, a QoQ increase was thanks to a better margin and expenses control.
Revenue was solid at Bt1.8bn (+29%YoY, -5%QoQ), but Gross profit margin was narrow at 17.7%, compared to 26.9% in 1Q17 and 16.5%…


Thai Wah PCL

TWPC: 1Q18 to Be the Bottom of the Year