บทวิเคราะห์ (Research)

(EN) WARRIX : Earnings Preview - Maintaining within forecast range We maintain Neutral rating with 3Q24F normalized profit expected at THB 42mn (+2% y-y, +151% q-q). Despite strong revenue growth (+29% y-y) and gross margin recovery following reduced promotional activities, expenses from branch expansion and warehouse relocation impacted results. The 9M24F normalized profit represents 56% of full-year forecast. For 4Q24F outlook, we expect normalized profit to be flat y-y but increase q-q following football season seasonality. Overall, we maintain our 24-26F earnings forecasts and Neutral recommendation with TP25F THB 4.50 based on PER 17x.