บทวิเคราะห์ (Research)

NSL : Earnings result - As good as expected In 3Q24, NSL reported net profit of THB135m (+84% yoy and 2% qoq), which was in line with Bloomberg consensus estimate. The good growth was largely underpinned by: 1) good sales growth of 19% yoy and 2) the gross margin expansion of 3ppt yoy from the focus on the high-margin own-brand segment. 9M24 profit accounts for 75% of 2024F profit. We maintain TP at THB35, NEUTRAL rating and all estimates. We feel NSL’s good outlook has been priced-in, as it is trading at 16.5x 2025F P/E about its long-term average.