PTB released its 9M 2021 results, in which revenue advanced 18% YoY (Q3 2021: +20% YoY) and NPAT-MI jumped 55% YoY (Q3 2021: +66% YoY). 9M 2021’s strong growth was mainly driven by robust wood exports to the US in H1 2021 and handovers at PTB’s condo project (i.e., a third of total units, per our estimate) in Q3 2021. That said, we estimate that core NPAT-MI (excluding the property segment) declined 4% YoY and 21% QoQ in Q3 2021 amid severe COVID-19 disruptions across PTB’s core businesses — especially the wood export segment.

Powered by Froala Editor