บทวิเคราะห์ (Research)

We view negative on VGI's 1Q24/25F (Apr-June 24) earnings outlook, expecting a net loss of THB -110 million. Even after stopping the recognition of loss sharing from KEX, the earnings will still be dragged down by SG&A expenses from the new business. We are reviewing our recommendation and target price (previously Trading Buy, target price 1.70 baht) with a downward trend.