บทวิเคราะห์ (Research)

3Q core profit came in at Bt757m, +4% yoy but -40% qoq. That missed our estimate due to smaller-than-expected transfers, weaker gross margin, higher tax expense. However, 9M24 profit (Bt3.2b) is in-line at 73% of our full-year estimate. The company declared Bt0.1 DPS, implying 1.7% yield. XD date is 21 November. We raised TP to Bt6.4 (from Bt5.9) after including valuation for the 125.4MWe FIT project Phase 1.1 (COD in 2029-30). There are several earnings upside catalysts from water and power units, and international and domestic operations.