บทวิเคราะห์ (Research)

SPRC : Earnings Preview - GRM better than peers thanks to SPM Negative on expected 3Q24F net loss 1,565 THBmn decrease y-y, q-q dragged by substantial stock loss from crude oil price decline late 3Q24. This is the primary factor driving our downward revision of 2024F norm. profit and TP25F. However, SPRC still have positive catalysts thanks to SPM resumption in early 3Q24F, reducing ship-to-ship costs and supporting GRM recovery q-q, outperforming peers who saw q-q decline. Stock impact is temporary, expect no major stock loss drag in 4Q24F supporting q-q earnings recovery, along with winter season and tourism supporting GRM recovery. 2025F to realize full-year SPM benefits. Maintain Buy.