บทวิเคราะห์ (Research)

SAPPE : Trimmed guidance We cut TP by 25% to Bt100 but maintain a BUY rating for SAPPE. At the analyst briefing yesterday, the management cut FY24 revenue growth guidance to 15-20% (from 20-25%) due to (1) softer outlook for the Middle East amid geopolitical tension, and (2) issues with distribution in Indonesia. That led us to trim FY24F revenue growth to 15% (from 24%) and gross margin by 0.5ppt to 45%, on softer sales. This reduced EPS by 8.8% for FY24F and 7.9% for FY25F.