We estimate earnings would grow 31% yoy and 18% qoq to Bt154m in 3Q24F, driven by strong sales of iPhone 16 which would lift group revenue by 18% yoy and 11% qoq to Bt11.1b. Revenues should remain strong in 4Q24 given high season for SYNEX’s operations and the company will experience a golden year in 2025. Maintain BUY rating and Bt17.80 TP.