บทวิเคราะห์ (Research)

We have a slightly negative view on the news of BigC closing 2 branches due to lease expiration. We expect 156 branches to remain by the end of 3Q24F. However, this doesn't impact on our 24-26F earnings as both branches account for only 0.5% of BigC's revenue (0.3% of total revenue), and these branches were operating at break-even levels. We maintain our 24-25F core profit of 4.9 billion baht and 5.4 billion baht, growing +4% y-y and +9% y-y respectively. We maintain a BUY recommendation with TP25F of 32 baht per share and maintain BJC as top picks of commerce sector alongside CPALL (TP84).