บทวิเคราะห์ (Research)

ZEN : More optimistic of prospects in 3Q24 Earnings should have bottomed-out in 2Q24 and improve in 3Q supported by a smaller drop in SSSG and a revised strategy. On this note, we raised FY24F earnings to Bt58m (-63% yoy) and FY25F earnings to Bt104m, suggesting 2H earnings would be better than in 1H. However, the share price has fallen 30% YTD and ZEN is trading at attractive 18x FY25F PER, equivalent to -2SD of its historical average multiple. Consequently, we upgrade our rating to NEUTRAL with a target price of Bt7 (DCF); that implies 20x FY25F PER, pending more concrete signs of recovery ahead.