Index Living Mall Public Company Limited (SET: ILM) closed in the morning sesion on November 8 at 17.60 per share, increased 0.70 baht or 4.14%. The highest was at 18.10 per share, and the lowest at 17.30 per share, with a total trading value of THB 32 million.
An increase in share price of ILM was due to an outperforming performance in the third quarter of 2022, with a net profit of 152.60 million baht, an increase of 173% compared to the previous year, with a net profit of 55.86 million baht, and in nine months, with a net profit of 475.55 million baht, an increase of 57.35% compared to the previous year, with a net profit of 302.23 million baht.
Capital Nomura Securities (CNS) said in its research that the revised profit in 2022 increased by 6%, or 638 million baht, representing a growth by 41% compared to the previous year, reflecting efficient performance in other revenue and interest management in the first nine months of 2022. Positive momentum in the fourth quarter of 2022 could boost its net profit to a record high following its peak season recovery in the tourism sector, and positive plans to open new branches in 3 years (Ladkabang). In terms of valuation, the share price of ILM is still trading at a PER of 2022, just 12 times, which is cheaper than other companies (DOHOME, GLOBAL, and HMPRO trading at 26-29 times). CNS has given a “BUY” recommendation on ILM with a target price of 22.40 baht.