บทวิเคราะห์ (Research)

We downgrade NEO to "Trading Buy" after trimming TP to Bt52. This is premised on (i) 3Q24F earnings falling yoy and qoq due to weaker gross margin, and (ii) downgrade of 2025F earnings; we now expect earnings to drop yoy driven by rising costs, competition, and higher expenses for the new factory. NEO's share price has fallen 26% over the past three months and it is currently trading at only 12x 2025F PER, suggesting the weak 3Q24F earnings have been priced-in.