บทวิเคราะห์ (Research)

GLOBAL reported core profit of THB389m (-26% yoy and -49% qoq) which was 22% below Bloomberg consensus. The lower-than-expected profit was caused by higher-than-expected operating expenses as same-store sales (SSS) declined by 5.8% while operating costs increased by 10% yoy because GLOBAL added 6 new stores in the past twelve months. We, thus, cut our core profit for FY24F and FY25F by 7-10.6% from: 1) raising our SG&A to total sales assumptions by 0.5ppt-0.9ppt and 2) lower our gross margin assumptions by 0.2ppt (3Q24 gross margin slightly missed due to the effect of lower steel price yoy). This results in the cut of TP by6% to THB16 while the rating remains NEUTRAL.