บทวิเคราะห์ (Research)

We project BCPG would report Bt120m net loss for 3Q24F, reversing from profits in the year-ago and previous quarters, largely due to Bt480m FX loss. Core profit is projected to reach Bt360m, falling 27% yoy but surging 262% qoq. We maintain a Trading Buy rating with Bt8.2 TP for the counter as current valuation is fair based on projected earnings growth in 2025-26F. However, we caution that ROE would drop ahead due to delays in realizing returns from new projects and weaker earnings in 2H24F, which could dampen sentiment in the near term.