บทวิเคราะห์ (Research)

We resume coverage of EGCO with a Trading Buy rating and Bt110 TP. We project 2Q24F core profit at Bt1.95b (-44% yoy, +61% qoq) and net profit at Bt1.89b (+30% yoy, +14% qoq, Bt60m FX loss). The new QPL PPA could be an earnings driver but lower returns from overseas projects could reduce dividend yield to below 6%. EGCO is undervalued relative to its peers but that seems fair.