We view Slightly Positive on 3Q24 net profit which exceeded our estimate and consensus by 10%/9% respectively at THB193mn (+1% y-y, +13% q-q), driven by i) Gross margin exceeding expectations by 50 bps and ii) Effective tax rate at 17% vs expected 19%. For 4Q24F outlook, we expect flat y-y growth due to expenses from three new branch expansions, with q-q growth expected as we enter the high season for construction materials. Current earnings show approximately 2-3% upside potential. We maintain our 24-26F earnings forecast and Buy recommendation with TP25F at THB21.5 based on DCF (WACC 11%, Terminal Growth 2%), equivalent to PER 25F of 14.3x, close to historical average. ILM's key strengths include high average dividend yield of 6% while trading at PER -1.0 SD below average.