บทวิเคราะห์ (Research)

RATCH : Trying to fill earnings gap The tone was Neutral at the analyst briefing yesterday. There are concerns earnings might drop after the RATCH GEN contract expires in 2025/27F, but they should be able to fill the gap with Paiton, Hin Kong and others. However, we remain cautious of low-quality returns from new projects and the rush to increase renewable energy generation to align with global trends. Valuation is appealing based on consensus data, at 0.6x 2024 P/BV and 5% dividend yield, but ROE was only 4.5% in 1Q24 compared to its 7-8% target.