บทวิเคราะห์ (Research)

BJC : Earnings Result - On the path to recovery In 3Q24, BJC reported THB928m core profit (+29% yoy, -23% qoq) – underpinned by: 1) the 2% revenue growth mostly from the healthcare segment and 2) gross margin expansion of 0.6ppt yoy (to 19.7%%) as raw material costs (such as soda ash for glass making) declined as well as better gross margin at Big C. We maintain our BUY recommendation, TP THB30 and all estimates. We believe the low-single digit SSSG in 4Q24, against flat in 3Q24 could be a positive catalyst to the share price. Furthermore, BJC valuation of 19.1x 2025F P/E is undemanding, compared to peers of 24x and this makes it attractive.