บทวิเคราะห์ (Research)

We project net profit would hit Bt1b in 3Q24F, rising 14% yoy and 64% qoq driven by profit contribution from power unit. That would be the best quarter for the year. We estimate power unit would contribute Bt400m (+57% yoy, jump from Bt18m in 2Q24) and tap water unit would contribute Bt618m (-9% yoy but +2% qoq). We expect softer profit qoq in 4Q24F due to seasonal dry weather and absence of FX gains. TTW now offers only 4% upside to our TP, prompting us to downgrade our recommendation to NEUTRAL (from Buy).