SET INDEX Earnings
Transcript of SET INDEX Earnings
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106,369
126,642
169,558 176,479
246,570 254,960
-
50,000
100,000
150,000
200,000
250,000
300,000
1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
SET INDEX Earnings+3%QoQ +100%YoY
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13-14
Sector 2Q20 1Q21 2Q21 QoQ YoY
Agribusiness 1,736 6,719 6,655 -1% 283%
Automotive -397 1,280 1,414 10% NA
Banking 31,337 47,709 52,372 10% 67%
Commerce 5,682 11,031 10,408 -6% 83%
Construct 14,447 19,576 23,562 20% 63%
Construction Services 214 1,308 361 -72% 68%
Electronic Component 2,876 3,134 3,326 6% 16%
Energy & Utilities 30,967 83,320 65,866 -21% 113%
Finance & Securities 7,008 9,774 7,865 -20% 12%
Food & Beverage 4,333 8,221 9,132 11% 111%
Health Care Services 935 2,941 5,325 81% 470%
Information&Comm Tech 18,482 15,397 16,468 7% -11%
Insurance 4,139 3,847 3,219 -16% -22%
Media & Publishing -823 777 398 -49% NA
Packaging 3,531 4,267 3,462 -19% -2%
Petrochem & Chemical 2,897 17,035 36,917 117% 1174%
Property Development 6,962 11,792 10,031 -15% 44%
Tourism & Leisure -3,746 -2,086 -3,313 NA NA
Transport & Logistic -3,938 528 1,493 183% NA
Total Market 126,642 246,570 254,960 3% 101%
Total Market ex. Energy 95,675 163,250 189,094 16% 98%
Total Market ex. Energy & Bank 64,338 115,541 136,722 18% 113%
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
AGRI EE 40 12 134 1015% 235%
GFPT 223 61 182 198% -18%
NER 225 366 439 20% 95%
UPOIC 16 29 95 228% 494%
UVAN 205 102 501 391% 144%
AUTO CWT 15 55 40 -27% 167%
HFT 6 135 124 -8% 1967%
IRC 99 121 132 9% 33%
TSC 52 49 81 65% 56%
BANK BAY 6,508 6,505 14,543 124% 123%
BBL 3,095 6,923 6,357 -8% 105%
CIMBT 306 341 613 80% 100%
KBANK 2,175 10,627 8,894 -16% 309%
KKP 1,184 1,463 1,354 -7% 14%
KTB 3,755 5,578 6,011 8% 60%
SCB 8,360 10,088 8,815 -13% 5%
TCAP 1,029 1,078 1,107 3% 8%
TISCO 1,329 1,764 1,666 -6% 25%
COMM BJC 306 1,013 822 -19% 169%
COM7 275 566 587 4% 113%
CPW 1 25 7 -72% 595%
CSS 21 18 31 72% 48%
DOHOME 146 543 601 11% 312%
2Q21 Earings growth QoQ or YoY
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
COMM FTE 15 12 14 17% -7%
GLOBAL 507 966 972 1% 92%
HMPRO 943 1,362 1,433 5% 52%
ILM 14 145 101 -30% 621%
IT 35 41 48 17% 37%
MEGA 303 334 504 51% 66%
SINGER 115 140 183 30% 59%
SPC 548 358 542 51% -1%
SPI 745 336 1,348 301% 81%
CONS COTTO 41 187 177 -5% 332%
DCC 444 493 453 -8% 2%
DCON 11 28 22 -21% 100%
SCC 9,384 14,914 17,136 15% 83%
SCCC 1,024 1,063 1,445 36% 41%
SKN 62 86 173 101% 179%
TPIPL 663 1,164 1,791 54% 170%
CON SER WIIK 29 25 33 32% 14%
CK 64 208 318 53% 397%
CNT 29 7 14 100% -52%
EMC 34 12 13 9% -61%
PREB 33 58 61 6% 86%
ELEC HANA 682 301 737 145% 8%
KCE 71 503 618 23% 770%
2Q21 Earings growth QoQ or YoY
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
ELEC SMT 37 51 56 10% 51%
SVI 109 148 165 11% 51%
ENERG 7UP 26 103 50 -51% 92%
ACE 250 360 366 2% 46%
AKR 8 24 12 -50% 50%
BCPG 355 523 565 8% 59%
BGRIM 1,017 611 1,022 67% 0%
BPP 680 1,034 1,126 9% 66%
BRRGIF 10 95 103 8% 930%
EA 1,149 1,412 1,191 -16% 4%
EASTW 151 371 278 -25% 84%
ETC 60 45 64 43% 7%
GPSC 1,896 1,973 2,302 17% 21%
GREEN 2 37 16 -57% 700%
GULF 1,881 1,632 1,407 -14% -25%
GUNKUL 279 609 524 -14% 88%
LANNA 34 243 323 33% 850%
MDX 54 76 137 80% 154%
PRIME 78 98 82 -16% 5%
PTT 12,053 32,588 24,579 -25% 104%
PTTEP 4,323 11,534 7,140 -38% 65%
RATCH 1,074 2,088 2,123 2% 98%
SCG 20 66 33 -50% 65%
2Q21 Earings growth QoQ or YoY
13-14
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
ENERG SGP 12 1,322 174 -87% 1350%
SKE 13 6 14 133% 8%
SSP 150 183 240 31% 60%
SUPER 148 860 708 -18% 378%
TPIPP 1,172 1,061 1,188 12% 1%
TTW 694 702 856 22% 23%
WHAUP 317 131 246 88% -22%
WP 17 33 27 -18% 59%
FIN AMANAH 66 79 81 2% 22%
ASK 230 276 269 -3% 17%
ASP 154 350 231 -34% 50%
BAM 110 247 790 220% 618%
IFS 34 35 36 3% 6%
JMT 227 283 289 2% 27%
KTC 1,149 1,634 1,680 3% 46%
MBKET 107 277 171 -38% 60%
MFC 30 91 92 1% 207%
MICRO 33 51 50 -2% 52%
ML 26 42 32 -24% 23%
MTC 1,267 1,374 1,270 -8% 0%
NCAP 34 75 75 0% 121%
PL 16 29 35 21% 119%
SAWAD 982 1,361 1,106 -19% 13%
2Q21 Earings growth QoQ or YoY
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
FIN TK 52 98 118 20% 127%
FOOD APURE 50 62 86 39% 72%
ASIAN 300 215 293 36% -2%
CBG 881 700 967 38% 10%
CPI 30 61 119 95% 296%
FND 19 2 14 600% -26%
HTC 193 147 187 27% -3%
ICHI 149 122 164 35% 10%
LST 74 108 142 31% 91%
OSP 804 1,004 820 -18% 2%
PB 427 339 405 20% -5%
PM 95 130 38 -71% -60%
PRG 213 66 157 138% -26%
RBF 109 75 108 44% -1%
SAPPE 83 87 127 46% 53%
SAUCE 128 168 137 -19% 7%
SORKON 31 34 49 44% 58%
SSC 55 55 45 -18% -18%
SSF 60 41 48 18% -19%
SUN 57 31 59 90% 4%
TC 46 82 67 -18% 46%
TFG 431 445 430 -3% 0%
TFMAMA 1,142 845 878 4% -23%
2Q21 Earings growth QoQ or YoY
13-14
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
FOOD TIPCO 318 41 166 305% -48%
TKN 89 56 22 -61% -75%
TU 1,716 1,803 2,343 30% 37%
TVO 341 882 726 -18% 113%
HEALTH AHC 7 10 32 219% 355%
BCH 279 324 1,146 254% 311%
BDMS 458 1,339 1,452 8% 217%
BH 44 91 216 137% 391%
CHG 155 252 576 129% 272%
EKH 0 33 66 100% NA
NTV 11 45 25 -44% 127%
PR9 11 39 12 -70% 7%
RJH 65 107 138 29% 112%
RPH 4 19 14 -26% 250%
SKR 84 95 147 55% 75%
SVH 217 319 392 23% 81%
VIH 16 62 276 345% 1625%
ICT ADVANC 7,001 6,644 7,041 6% 1%
AIT 50 121 137 13% 174%
DIF 2,844 2,957 2,943 0% 3%
DTAC 1,889 822 1,531 86% -19%
FORTH 47 184 202 10% 330%
HUMAN 34 36 55 53% 62%
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
ICT ILINK 69 75 82 9% 18%
INET 6 15 10 -33% 67%
INTUCH 2,980 2,661 2,813 6% -6%
JASIF 1,931 1,777 2,075 17% 7%
JMART 161 333 232 -30% 44%
JR NA 55 70 27% NA
JTS 9 10 59 490% 556%
MFEC 31 49 46 -6% 48%
MSC 13 62 23 -63% 77%
SIS 147 191 197 3% 34%
SYMC 20 20 28 40% 40%
SYNEX 166 185 211 14% 27%
INSURE THRE 95 53 65 23% -32%
THREL 6 28 37 32% 517%
TIP 525 638 613 -4% 17%
TQM 163 202 222 10% 36%
MEDIA AS 118 105 110 5% -7%
TH 4 10 22 120% 450%
TKS 39 106 114 7% 191%
WORK 2 118 154 31% 7608%
PACK AJ 271 104 170 63% -37%
ALUCON 127 195 201 3% 58%
BGC 80 182 122 -33% 53%
2Q21 Earings growth QoQ or YoY
13-14
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
PACK SCGP 1,904 2,135 2,263 6% 19%
SFLEX 30 38 39 3% 30%
SMPC 182 115 174 51% -4%
THIP 59 82 62 -24% 5%
TMD 73 96 86 -10% 18%
PETRO GC 22 68 48 -29% 118%
IVL 154 6,009 8,340 39% 5316%
PATO 32 20 46 130% 44%
PMTA 9 15 31 107% 244%
PTTGC 1,671 9,695 25,035 158% 1398%
SUTHA 2 30 8 -73% 300%
TCCC 568 317 719 127% 27%
TPA 8 12 6 -47% -21%
UAC 26 77 57 -26% 119%
VNT 308 1,389 1,789 29% 481%
PROP AMATA 215 186 247 33% 15%
CPN 467 3,835 1,269 -67% 172%
LH 1,395 1,744 1,870 7% 34%
NNCL 77 109 156 43% 103%
ORI 707 825 852 3% 21%
PRIN 80 40 47 16% -42%
PSH 417 606 427 -30% 2%
QH 458 431 482 12% 5%
2Q21 Earings growth QoQ or YoY
Sector Stock 2Q20 1Q21 2Q21 QoQ YoY
SC 456 417 520 25% 14%
SF 350 307 478 56% 37%
SIRI 258 384 662 72% 157%
SPALI 420 741 1,730 133% 312%
WHA 542 135 260 93% -52%
TRANS III 35 77 86 12% 146%
JWD 48 141 116 -18% 142%
NYT 37 86 58 -33% 57%
PORT 8 7 8 14% 0%
PRM 442 400 407 2% -8%
RCL 215 2,942 3,189 8% 1383%
TSTE 24 59 40 -32% 67%
WICE 55 82 111 36% 103%
2Q21 Earings growth QoQ or YoY
13-14
Inline Beat Miss Total
Agribusiness 2 1 2 5 GFPT
Automotive 2 1 0 3 AH
Banking 6 4 0 10 BAY KTB SCB TTB
Commerce 5 4 5 14 COM7 CPALL MEGA SINGER
Construct 4 5 0 9 COTTO EPG SCC SCCC TPIPL
Construction Services 5 2 1 8 CK ITD
Electronic Component 2 3 0 5 HANA KCE SVI
Energy & Utilities 12 4 7 23 BCP BGRIM GUNKUL IRPC
Finance & Securities 8 2 1 11 AEONTS BAM
Food & Beverage 7 2 4 13 ASIAN HTC
Health Care Services 1 8 2 11 BCH BH CHG EKH LPH RJH THG VIBHA
Information&Comm Tech 4 3 4 11 DTAC HUMAN SYNEX
Insurance 1 0 0 1 -
Media & Publishing 0 0 3 3 -
Packaging 2 2 0 4 SELEX SMPC
Petrochem & Chemical 0 3 0 3 GGC IVL PTTGC
Property Development 6 8 2 16 AMATA LPN ORI ROJNA SENA SF SIRI SPALI
Tourism & Leisure 1 0 2 3 -
Transport & Logistic 6 4 0 10 BEM BTS JWD WICE
Total 74 56 33 163
% 45% 34.4% 20.2%
Sector Stock Beat
13-14
Sector Stock 2Q20 1Q21 2Q21E 2Q21 QoQ YoY Beat
AGRI GFPT 223 61 128 182 198% -18% 42%
AUTO AH -631 411 200 250 -39% NA 25%
BANK BAY 6,508 6,505 11,289 14,543 124% 123% 29%
KTB 3,755 5,578 4,878 6,011 8% 60% 23%
SCB 8,360 10,088 7,683 8,815 -13% 5% 15%
TTB 3,095 2,782 2,191 2,534 -9% -18% 16%
COMM COM7 275 566 462 587 4% 113% 27%
CPALL 2,887 2,599 1,789 2,190 -16% -24% 22%
MEGA 303 334 333 504 51% 66% 51%
SINGER 115 140 162 183 30% 59% 13%
CONS COTTO 41 187 124 177 -5% 332% 43%
EPG 327 76 180 308 305% -6% 71%
SCC 9,384 14,914 14,299 17,136 15% 83% 20%
SCCC 1,024 1,063 900 1,445 36% 41% 61%
TPIPL 663 1,164 1,239 1,791 54% 170% 45%
CON SER CK 64 208 199 318 53% 397% 60%
ITD -156 247 79 169 -32% NA 114%
ELEC HANA 682 301 526 737 145% 8% 40%
KCE 71 503 518 618 23% 770% 19%
SVI 109 148 148 165 11% 51% 11%
ENERG BCP -1,911 2,284 1,144 1,765 -23% NA 54%
BGRIM 1,017 611 850 1,022 67% 0% 20%
2Q21 Earnings beat consensus (Bt m)
Sector Stock 2Q20 1Q21 2Q21E 2Q21 QoQ YoY Beat
ENERG GUNKUL 279 609 451 524 -14% 88% 16%
IRPC -411 5,581 2,738 4,574 -18% NA 67%
FIN AEONTS 942 530 836 966 82% 3% 16%
BAM 110 247 672 790 220% 618% 18%
FOOD ASIAN 300 215 254 293 36% -2% 15%
HTC 193 147 138 187 27% -3% 36%
TU 1,716 1,803 1,815 2,343 30% 37% 29%
HEALTH BCH 279 324 690 1,146 254% 311% 66%
BDMS 458 1,339 1,534 1,452 8% 217% -5%
BH 44 91 152 216 137% 391% 42%
CHG 155 252 358 576 129% 272% 61%
EKH 0 33 47 66 100% NA 40%
LPH -5 40 68 85 113% NA 25%
RJH 65 107 117 138 29% 112% 18%
THG -126 -215 67 84 NA NA 25%
VIBHA -60 192 243 272 41% NA 12%
ICT DTAC 1,889 822 972 1,531 86% -19% 58%
HUMAN 34 36 39 55 53% 62% 41%
SYNEX 166 185 182 211 14% 27% 16%
PACK SFLEX 30 38 30 39 3% 30% 30%
SMPC 182 115 127 174 51% -4% 37%
PETRO GGC -344 94 44 80 -15% NA 82%
2Q21 Earnings beat consensus (Bt m)
13-14
Sector Stock 2Q20 1Q21 2Q21E 2Q21 QoQ YoY Beat
PETRO IVL 154 6,009 5,952 8,340 39% 5316% 40%
PTTGC 1,671 9,695 10,665 25,035 158% 1398% 135%
PROP AMATA 215 186 138 247 33% 15% 79%
LPN 154 123 107 121 -2% -21% 13%
ORI 707 825 651 852 3% 21% 31%
ROJNA 1,370 293 217 274 -6% -80% 26%
SENA 229 229 144 218 -5% -5% 51%
SF 350 307 165 478 56% 37% 190%
SIRI 258 384 552 662 72% 157% 20%
SPALI 420 741 1,565 1,730 133% 312% 11%
TRANS BEM 152 305 174 200 -34% 32% 15%
BTS 1,278 443 621 765 73% -40% 23%
JWD 48 141 103 116 -18% 142% 13%
WICE 55 82 94 111 36% 103% 19%
2Q21 Earnings beat consensus (Bt m)
13-14
70
75
80
85
90
95
100
1450
1470
1490
1510
1530
1550
1570
1590
1610
1630
1650
Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21
SET BEST EPS (RHS) BEST_EPS 22 (RHS)
Stock %Revise earnings 21 Up
IRPC 186%
RCL 151%
PSL 142%
TTA 136%
VGI 125%
BANPU 99%
BCH 94%
PTTGC 84%
WORK 78%
ROJNA 77%
TOG 76%
DOHOME 72%
III 70%
BCP 67%
EKH 62%
LPH 62%
CHG 49%
TOP 44%
Stock %Revise earnings 21 Up
RJH 43%
IVL 39%
THG 39%
SPRC 36%
SAT 36%
COTTO 33%
EPG 31%
BEC 28%
NER 27%
AH 27%
SCC 26%
BTS 25%
SF 25%
PTTEP 24%
KCE 23%
TPIPL 22%
TWPC 21%
TVO 20%
Stock %Revise earnings 21 Up
GLOBAL 18%
COM7 18%
SIRI 16%
ASIAN 13%
TU 13%
AEONTS 13%
BAY 13%
SVI 12%
NYT 12%
AP 12%
HANA 12%
SC 11%
SCGP 11%
PTT 10%
JWD 10%
HREIT 10%
CHAYO 10%
STARK 9%
13-14
13-14
0.00
5.00
10.00
15.00
20.00
25.00
30.00
1 11 1 13 14 1 1 1 1 1 1
Forward PE (x)
+2 SD
+1 SD
AVG
-1 SD
-2 SD
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
11 1 13 14 1 1 1 1 1 1
Earnings Yield Gap (%)
+2 SD
+1 SD
AVG
-1 SD
-2 SD
13-14
28
29
30
31
32
33
34
-6,000
-4,000
-2,000
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21
Thailand
Current Account Baht / Usd (RHS)
US $ (million)
30
35
40
45
50
55
60
65
70
PMI
US EU GER CHINA Expand Level
13-14
13-14
-
5,000
10,000
15,000
20,000
25,000
Jun-21 Jun-21 Jul-21 Jul-21 Jul-21 Jul-21 Aug-21 Aug-21 Aug-21
Thailand COVID-19
Daily New Case New Recovery
90
95
100
105
110
115
120
125
SET Sector (Rebase 100)
COMM MEDIA TRANS BANK