บทวิเคราะห์ (Research)

KLINIQ : Earnings Result - 2Q24 net profit grows y-y but decreases q-q We have a Slightly Negative view on KLINIQ's 2Q24 performance with net profit of 74 million baht (+5% y-y, -2% q-q), lower than our and market expectations by 6% and 5% respectively. The main factor is lower-than-estimated margin. We have revised our 2024-26F profit estimates down by 9-13% to reflect the slow recovery of margins. We maintain a "Buy" recommendation with TP25F of 45 baht based on PER 25x (equivalent to historical average -1 SD) to reflect the intense competition in the industry and the fragile economic conditions. However, we view that the current share price has largely reflected these negative factors. Moreover, the long-term trend of the aesthetic industry is on the rise, and KLINIQ is one of the leaders in the group with potential for continuous expansion. The company has announced an interim dividend of 0.65 baht per share (Yield 2.02%, XD date 29 Aug).