บทวิเคราะห์ (Research)

HMPRO : Earnings result - Look forward to a recovery in 4Q24 HMPRO reported core profit of THB1.4b (-6% yoy, -11% qoq) which was in line with Bloomberg consensus and our estimate. The decline yoy was largely caused by the decline in same-store sales (SSS) of 5.8%, underpinned by the soft consumption in Thailand as well as the obstruction of consumer traffic by the road reparation in a store in Bangkok. We think the soft results were priced-in and maintain our BUY recommendation, TP THB13.50. We believe the SSSG could be better qoq, -2% before recovering to 2% in FY25F and this could be a positive catalyst for the share price. 9M24 core profit accounts for 74% of FY24F core profit.