บทวิเคราะห์ (Research)

We resume coverage of ILINK with a BUY rating and Bt8.5 TP based on 1x 2025 P/BV. The stock is trading at only 0.7x P/BV currently, which is unjustified. ILINK had traded at a large discount to its BV only twice, in 2020 and now. There are lingering concerns about the engineering unit but the impact would be smaller this time. ILINK will not register losses in 2H24 and 2025, like in 2020. We project Bt509m profit for 2024F and Bt486m for 2025F (or at least Bt111m).