TACC “Positive Attitude” (14 December 2022)

• 3Q22 revenue was 382 million baht, +23%YoY, stable QoQ, mainly from better COVID-19 situation than last year. including the expansion of 7-Eleven (Thailand and Cambodia) and Non 7-Eleven (Lotus’s and Cafe). up, resulting in a profit of 62 million baht in 3Q22 +11%YoY -9%QoQ, with 9M22 having a profit of 191 million baht +22%YoY, which is 73% of the full year forecast of 260 million baht.

• Management maintained 2022 revenue growth of around 10%YoY (9M22 revenue was Bt1.1bn +12%YoY) We expect 4Q22 earnings to grow both YoY QoQ from peak season, plus Benefit from dad’s COVID-19 situation -winding will positively affect tourism and cartoon copyright business recovery Although the current raw material cost price has started to stabilize and some items have already decreased, we expect the 4Q22% GPM to be close to 3Q22 and will improve from 1Q23 forward

opinion We have a positive view on 4Q22 earnings and expected YoY QoQ growth and 2023 revenue growth of around 10% YoY from 7-Eleven and Non 7-Eleven expansion, as well as plans to expand into new markets like 7-Eleven. in Malaysia Currently, it has tried to sell Thai tea in about 200 branches out of a total of 2,000 branches, including plans to penetrate the market. Health and Wellness The two new products such as TRIVA syrup and M&A plans are expected to be seen soon.


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