บทวิเคราะห์ (Research)

TOA : Business outlook remains soft We maintain a Neutral view from analyst meeting. The company has lowered its FY24 revenue growth target to 1-2% YoY (from 6-8% previously), reflecting a slowdown in both Thai and Vietnamese real estate markets. SG&A expenses are expected to remain elevated but should decrease H-H in 2H24. Gross margins are anticipated to remain at favorable levels. We maintain our FY24 earnings forecast of THB 2.27 billion (-12% YoY)(-15% below consensus) reflecting a cautious outlook following last year's strong performance. Our recommendation remains "Neutral" with a DCF-based FY25 target price of THB 20.0.