บทวิเคราะห์ (Research)

We maintain a Neutral rating for THCOM because there is no major share price catalyst in the near-to-medium term. P/E valuation is also expensive based on current operations. We expect bottom-line to be in the red in 3Q24 because of large forex losses, and core profit would be slim at Bt32m, falling 5% qoq. 9M24F earnings is 66% of our full-year estimate of Bt116m.