บทวิเคราะห์ (Research)

The management raised revenue growth guidance for FY24F to high-single digit (from mid-single digit) and indicated gross margin could improve yoy in 2H24. This prompted us to (1) revise up FY24-25F revenues by 0.9% each, (2) raise gross margin by 0.7-1.0 ppt to 36.5%, and (3) reduce SG&A Costs/Sales by 1ppt to 24.8%. These pushed up core earnings for those years by 14.0-16.7% and TP by 8% to Bt28. Maintain BUY rating.