บทวิเคราะห์ (Research)

ORI : Earnings Preview - Expected 2Q24F net profit to drop y-y Slightly negative view on the 2Q24F net profit of 440 million baht (-50% y-y, -5% q-q). Excluding the extra gain (estimated at 240 million baht before tax), we expect norm. profit of 248 million baht (-56% y-y, +26% q-q), significantly decreased y-y due to lower transfers and % GPM y-y. For 1H24F, we forecast net profit of 0.9 billion baht (-46% y-y), accounting for 40% of the full-year net profit estimate of 2.25 billion baht (-17% y-y). We maintain TP24F at 6.0 baht/share and keep a Trading Buy rating. Short-term stock price is likely to be pressured by the weak 2Q24F net profit and the 2H24F outlook, which, may face further downward revisions from consensus. We recommend a wait-and-see until new catalysts emerge. We remain concerned about liquidity, as IBD/E has risen to 1.9x, and ORI has bonds maturing in the next 5 months totaling 2.4 billion baht.