บทวิเคราะห์ (Research)

ICHI : Earnings result - 3Q earnings buoyed by lower operating costs ICHI reported THB357m net profit (+9% yoy, -6% qoq) for 3Q24, 3.5% below Bloomberg consensus estimate. Revenue fell 7% qoq but operating costs fell 38% qoq because they had scaled down promotional activity post-summer. This led SG&A Costs/Sales ratio to drop 2.6ppt qoq to 5.2%, which was the primary driver of net profit growth in 3Q24. We are keeping our earnings forecasts, BUY rating, and Bt22 TP.