บทวิเคราะห์ (Research)

OR : Earnings Result - 4Q24F recovery in both Mobility and Lifestyle segments Slightly negative view on 3Q24 net loss -1,609 THBmn below market expectations, drop y-y and q-q due to restaurant business impairment and significant stock loss in Mobility business, which decreased gross profit per liter by 60% y-y and 43% q-q. For 4Q24F, we expect stock loss to decrease, leading to 76% q-q improvement in gross profit per liter. With both Mobility and Lifestyle volumes recovering post-monsoon season, we project a return to profitability in 4Q24F. Despite lowering our TP25F to THB 17.0, we view the 21% YTD share price decline as having partially priced in negative factors. Upgrading to Trading Buy on anticipated recovery in 4Q24-2025F.