บทวิเคราะห์ (Research)

TAN : Earnings Results - Normalized profit in line with expectations We have a Neutral view on 2Q24 net profit of THB 19m (-16% y-y and -69% q-q). Normalized profit of THB 21m is In-line with our and market expectations, decreasing y-y and q-q in line with sales decline due to seasonal factors. Although it's a low season, revenue grew +25% y-y with 2Q24 SSSG of +7%. Margin was impacted by end-of-season sales for some items. Overall, we view this as a gradual accumulation point based on the 3Q24F outlook, which is expected to grow y-y and q-q due to continued high revenue growth trends. We maintain our "Buy" recommendation with a TP24F of THB 19.8 and keep our 2024-26F earnings forecast unchanged.