บทวิเคราะห์ (Research)

KCG : Gross margin still a key driver We increase TP by 7% to Bt13 and maintain BUY, owing to better gross margin outlook for FY24F that could be improving yoy, instead of flat as earlier guided by management. We increase gross margin by 0.7% in FY24F and FY25F (to 30.7%) as the product rationalization implemented at the beginning of the year helped lift profitability. Nevertheless, we trim sales by 3.8% in FY24F and FY25F to reflect the effect of product rationalization. These lead us to increase EPS by 7% in FY24F and FY25F.