บทวิเคราะห์ (Research)

We resume coverage of BGRIM with a Trading Buy rating and Bt26 TP. We expect core profit to come in at Bt639m for 2Q24F (-7% yoy, +31% qoq), attributed to (i) stronger sales to EGAT although demand from IUs slipped qoq (flat yoy), (ii) better IU margins due to lower gas cost (-24% yoy, -10% qoq), and (iii) higher equity profits and interest income. We also estimate Bt390m FX loss for 2Q24F, taking net profit to Bt249m (-63% yoy, -34% qoq). Current valuation is expensive at 30x 2024F PER given lower returns from new capacity.