KCE’s share price has fallen 8% within two days to a 4-year low. There are several concerns: (1) Bt1b investment in ICL, (2) downside risk to full-year profit in anticipation of weak 3Q earnings, and (3) fragile prospects given the still-weak economy in Europe. We would avoid KCE until the release of 3Q24 results in mid-Nov. However, downside is limited for now.