บทวิเคราะห์ (Research)

CRC : Earnings result - 3Q buoyed by lower operating costs We resume coverage of CRC with a BUY rating and THB35 TP. CRC reported THB2.2b for 3Q24 (+96% yoy, +34% qoq), which beat Bloomberg consensus estimates by 57%. But stripping out non-core items, core profit came in at THB1.85b (+39% yoy, +15% qoq). Core profit surged 39% yoy although revenue grew only 6%, largely attributed to lower SG&A Costs/Total Sales (fell 1.4ppt yoy to 27.8%) as the management focused on leaning operations. We like CRC’s diversified retail operations in Thailand, Vietnam and Italy, and valuation is undemanding at 19.5x 2025F P/E, especially given better same-store sales in 4Q24.