บทวิเคราะห์ (Research)

We maintain a BUY rating and THB100 TP for SAPPE. We expect 3Q24 core profit to drop 37% qoq and 22% yoy to THB268m due to (1) soft international sales as a result of geopolitical tensions and distributorship issues in Indonesia, and (2) weaker gross margin due to softer sales. However, sales should grow yoy and earnings should be decent in 4Q24F if SAPPE is to meet our 15% projected sales growth for FY24F (lower end of guidance). 9M24F profit is 83% of our FY24F earnings. They will release 3Q24 results on 14 Nov