Revenue comes largely in line with Bloomberg consensus and matches U Capital’s estimate
QEWS’ revenue in 3Q24 grew 4% YoY, coming largely in line with the Bloomberg consensus estimate (+5% variance) and matching our expectations (0% variance).
Net income surges YoY; ahead of both Bloomberg and U Capital’s estimate
QEWS’ operating profit outpaced revenue by a notable margin as it climbed 22% YoY. The bottom line, however, increased at an even faster rate, surging 50% YoY, exceeding both Bloomberg consensus and our estimate.
Maintain target price
Post the 3Q24 out-turn, we stick to our target price on the stock, awaiting detailed financials. Overall, we remain optimistic about QEWS’ prospects with its continued expanding international business, where the company participates either as a JV/associate or taking a majority stake. The company’s domestic business, meanwhile, continues to provide long-term business visibility with a steady income stream. At the current market price, the stock trades at 11.5x on our FY25e EPS, slightly above its 3-year daily 12-month forward P/E of 11.1x.