บทวิเคราะห์ (Research)

GLOBAL : Earning preview - 3Q24F: Seasonally softer earnings We resume coverage of GLOBAL with NEUTRAL rating and THB17 TP. We project 3Q24F core profit would reach THB556m, rising 6% yoy but falling 27% qoq on seasonal factors. We expect same-store-sales (SSS) to drop by 5% because of softer consumption trends. However, the total system sales should slip only 1% yoy because GLOBAL added 6 stores in the last 12 months. We like GLOBAL for its leadership in the under-penetrated home-improvement sector in the provinces, which would enable the group to add 7-8 stores a year (total of 90 at end-FY24). Nevertheless, valuation is fair of 27.6x FY25F P/E given weaker SSS, and hence, our NEUTRAL rating. 3Q24 results should be released on 29 October. 9M24F core profit is 78% of our FY24F profit.