บทวิเคราะห์ (Research)

We have a Neutral view following the Opportunity Day. Key positives include: i) 4Q24F earnings expected to show continued q-q recovery (though down y-y) marking the year's peak, with improving cash collection and ECL development from 3Q24 ii) NPL acquisition momentum to pick up in 4Q24F-25F as banks complete debt restructuring processes iii) Strong financial position with IBD/E at 0.5x maintaining growth potential, with readiness to repay debentures due in Nov 2024 and Apr 2025. The key negative is the cancellation of new JV AMC establishment. We maintain our Trading Buy recommendation given the recent share price decline, with an unchanged target price (TP25F) of THB 22.80 based on 1.2x PBV.