• What’s new

3Q net profit came in at Bt943m (Bt0.31 EPS), flat yoy, missed consensus estimate by 18%

• Analysis

Equity income from associates grew 5% yoy to Bt1.13bn led by improving EAF (+5ppt to 88%) at Hongsa, which contributed Bt850m to equity income, including Bt7m unrealized translation loss. BLCP performed well with 100% EAF and contributed Bt265m, including Bt47m unrealized translation gain. Revenue from three CHPs and solar farm in China declined 20% yoy due to weaker RMB against THB, despite +36% increase in power sales and +44% increase in steam sales at Luannan. BPP booked FX loss of Bt57m as a result of weaker RMB against THB.

• Action/ Recommendation

We maintain HOLD, SoTP TP at Bt19.0 due to limited growth in next two years