บทวิเคราะห์ (Research)

The tone of the analyst briefing yesterday was positive. Management reiterated the sales growth of at least double-digit yoy in 4Q24, a turnaround from -6% yoy sales decline in 3Q24. This is underpinned by the recovery in USA (entry of modern-trade retailers in USA) and from the operational hiccup in Indonesia. Furthermore, management guided for sales growth of 15-20% in 2025F, driven by the good growth in Europe (more rollouts in modern-trade retailers), Asia (recovery in Indonesia) and USA (more penetration in modern-trade retailers). We feel positive about SAPPE’s outlook and it is our top pick in the Thai beverage sector. It is trading at 15.7x 2025F P/E, undemanding compared to its EPS growth of 20% in 2025F.