บทวิเคราะห์ (Research)

WHAUP : Earnings result - 3Q24 earnings missed expectations 3Q24 earnings missed expectations because of smaller-than-expected contribution from Gheco-One and higher-than-expected SG&A expenses. However, we are keeping FY24F earnings as 9M24 profit (Bt924m) is in-line at 75% of our full-year estimate. The company declared Bt0.06 DPS, implying 1.1% yield. XD date is 21 November. We raised TP to Bt5.9 (from Bt5.2) after incorporating valuation of 125.4MWe FIT project Phase 1.1 (COD in 2029-30). There are several earnings upside catalysts from water and power. We maintain a BUY rating.