บทวิเคราะห์ (Research)

SAT : Earnings preview - Attractive as a dividend play We expect core earnings to continue to drop yoy in 3Q24, to Bt166m (-37% yoy, +19% qoq) because Thailand’s car production had dropped by 21% yoy in the quarter. And, there is no sign of recovery in the auto sector in 4Q24. This prompted us to cut FY24F earnings by 9% to Bt667m (-32% yoy) and downgrade our rating for SAT to NEUTRAL (from Trading Buy) with a revised TP of Bt12.20 (FY25F). However, SAT is an attractive dividend play, offering 9.4% dividend yield for FY25F.