บทวิเคราะห์ (Research)

BGRIM : Company Update - Cheaper gas and new demand balanced by concerns over high leverage The tone was positive at the analyst briefing yesterday. We are more optimistic of prospects in 2025, supported by cheaper gas (yoy) and emerging demand from data center and electronics industries. A weaker baht (beyond Bt2/USD) could boost earnings further through FX gains However, elevated leverage (IBDE at 2.2x at end-Sep) and shareholders’ loans remain major concerns. Trading Buy (TP of Bt23) maintained.