บทวิเคราะห์ (Research)

We maintain a NEUTRAL rating and THB37 TP for MEGA. 3Q24F core profit is projected to come in at THB519m, falling 1% yoy and 5% qoq. This would be underpinned by soft sales, which we expect to drop 2% yoy to THB3.7b driven by 10% drop in revenue from the distribution business (44% contribution, 75% from Myanmar). Net profit would come in at THB489m (-9% yoy, -5% qoq) including THB30m FX loss. Nevertheless, the soft earnings have been priced-in as MEGA is trading at 12.3x FY25F PER, about -1SD of its long-term average multiple. 3Q24 results will be released on 12 November.