บทวิเคราะห์ (Research)

We resume coverage of ITEL with a NEUTRAL rating and Bt2.58 TP based on 17.3x PER. Earnings were weak in 2Q24, tumbling 61% yoy and 79% qoq, but should have bottomed-out in the quarter. We expect earnings to recover in 2H24 with improving revenue recognition. However, valuation is not cheap at the moment, trading at 17x 2025 PER or 5-year average multiple.