บทวิเคราะห์ (Research)

We downgraded our rating for AH to NEUTRAL again because the share price has surged 32% within just two weeks while Thailand’s car production remains weak. Total car production in 3Q24 is projected to drop by 10-15% yoy, which could cause production for 2024 to fall below 1.6m units against our base case assumption of 1.65m units. TP is intact at Bt17.50.