บทวิเคราะห์ (Research)

We resume coverage with a BUY rating and Bt30 TP. We estimate 3Q24F core profit at Bt906m, rising 26% yoy and falling 25% qoq (seasonal weakness), driven by (1) +0.3% same-store sales growth (SSSG) at Big C (65% revenue contribution), and (2) gross margin improving 0.6ppt yoy to 19.8% given lower material costs (soda ash at packaging business) and higher margins for fresh food at Big C. BJC is trading at 19.4x FY25F P/E, -1.5SD of its long-term average trading multiple. Their diversified consumer business portfolio makes BJC a defensive stock and that could grow in line with the Thai economy. Big C is also a major beneficiary of domestic consumption stimulus, which should lead to positive SSSG in 4Q24.