WORK : 2H24F has a chance of turning to a loss We have a short-term negative outlook. The 2H24F performance risks turning to a loss due to higher costs from airing dramas and seasonally higher SG&A expenses. This may create negative sentiment for WORK shares. In the medium to long term, WORK is restructuring its business to adapt to changes in the media industry and consumer behavior. We maintain Reduce (TP25F 7.90 baht).