บทวิเคราะห์ (Research)

KLINIQ : Improvement in the second half We have a Neutral view on the information from the analyst meeting. Although the company has adjusted its targets downward from the margin side, the overall outlook for 2H24F still presents a picture of h-h, y-y recovery in terms of both revenue and margin, driven by the fewer new branch openings, the 11 new branches opened in 1Q24 starting to break even, and the restructuring of commission fees. We maintain our "Buy" recommendation with a TP25F of 45 baht, based on a PER of 25x (1 SD below the historical average). We believe the current share price has already reflected the negative factors, and the long-term outlook for the aesthetic industry remains positive, with KLINIQ being a leading player with the potential for continued growth. The company also has an interim dividend of 0.65 baht per share (Yield 1.86%, XD on August 29).