บทวิเคราะห์ (Research)

We have a Neutral view on 2Q24 net profit of THB 515 m (+299%y-y, +214%q-q), exceeding our and market estimates. Excluding extra items from SWIFT acquisition value adjustment and asset write-off expenses, the normalized profit was THB 176m (+36%y-y, +0%q-q). Cold storage and transport businesses impacted the y-y recovery due to a low base in 2Q23 while remaining flat on q-q. For outlook, we expect 2H24F to outperform 1H24, with 3Q24F earnings likely down y-y but up q-q. Medium to long-term outlook remains positive with catalysts such as Longson and asset sales to REIT in 25F. We've incorporated extraordinary gains and lowered normalized profit forecasts for 24-26F by an average of 18% due to slower core business recovery. We rolled over to TP25F of THB 15.6 based on DCF (WACC 9%, Terminal growth 3%).