บทวิเคราะห์ (Research)

There is downside risk to the share price, given (1) halt in share buyback activity during moratorium period up to release of 3Q24 results, (2) outlook for Thailand’s auto remains weak, and (3) we project weak 3Q24 earnings as Thailand’s car production has fallen 21% yoy in 3Q24. The share price has outperformed the sector and exceeded our TP, so we recommend to avoid AH in the near-term. We will release an earnings preview report next week. For now, we have a NEUTRAL rating for AH with Bt17.50 TP.