บทวิเคราะห์ (Research)

BCPG : Earnings Result - Larger equity income mitigated losses in 3Q BCPG reported Bt28m net loss for 3Q24, smaller than expected because gross margin and equity income exceeded our estimates. Excluding FX loss, core profit came in at Bt453m. We cut FY24F net profit after adjusting for higher costs and actual net FX loss for 9M24. However, we raised FY25F/26F earnings after adjusting for larger revenues, gross profit, and equity income. Our revised Bt7.2 TP (from Bt8.2) reflects a 50% reduction in the values of Nabas-2 and Taiwan solar farm due to delayed COD. Despite this, we maintain our Trading Buy rating premised on stronger contributions from U.S. plants and projects in Laos, and low P/BV valuation.