“JMT Stock Analysis: Expect 31%YoY Profit Growth in 2023”

Stock dimension – JMT by an analysis of Trinity Securities indicated that JMT’s Q1/2023 profit was 453 million baht, weakening 7% QoQ, but still growing 23%YoY, close to expectations • Better collection. Slightly QoQ, but including JK AMC will grow very well.

• while share of profit from JK AMC increased to 114% QoQ from debt transferred in 4Q22 • expect profit growth to be strong in 2Q23 and 4066 seasonally.

• 2023 overall profit is expected to grow 31%YoY with better collection according to the economy, higher revenue share of JK AMC, and lower expenses from COVID-19 insurance.

• Spin-off JAM may slow down, reducing concerns about earning dilution • If profits grow as expected, it will be a factor that can help the share price recover. We recommend “buy” with a target of 66 baht.

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