บทวิเคราะห์ (Research)

(EN) ROJNA : Earning preview - Net profit to surge in 3Q driven by GULF We estimate net profit at Bt1.9b for 3Q24F, surging 628% yoy and 210% yoy. Excluding Bt1.6b extraordinary gain, core profit would be Bt332m, falling 22% yoy and 55% qoq because of softer power operation. That would take 9M24F core profit to Bt1.3b, -10% yoy and 62% of our FY24F earnings. We expect better profit qoq in 4Q and the recent land acquisition suggests future land sales and upside to our TP. They would also gain from land sales at JV TRA, which would increase the implicit value of their stake. We maintain BUY rating for ROJNA.