บทวิเคราะห์ (Research)

ITEL : Earnings result - 3Q net profit in-line with our estimate We maintain a Neutral rating and Bt2.58 TP (based on 17.3x PE, historical average) for ITEL. Earnings continued to drop both yoy and qoq in 3Q24, dragged by weaker revenues attributed to a slower economy and fewer new and high-margin projects for bidding. 9M24 earnings is in-line at 76% of our full-year forecast (-35% yoy) but we are keeping FY25F earnings (-18% yoy) premised on the resumption of bidding for new projects