บทวิเคราะห์ (Research)

TAN : Entering High Season We maintain a Neutral view on the analyst meeting updates, which presented both positive and negative developments. Key developments include: i) Previously concerning F&B businesses like Breadstreet and Street Pizza have returned to profitability with approximately THB 3mn profit in 3Q24; ii) HARNN Greater China shows continuous POS expansion and steady reorders; iii) Other international businesses, while still loss-making due to pre-economies of scale stage, show improving loss trends. On the downside, Pandora sales have softened and require additional discounts following price increases in 4Q24F due to commodity costs. Overall, we expect 4Q24F outlook to show both y-y and q-q growth, being the peak season of the year, maintaining our previous 24F earnings forecast. We maintain our Buy recommendation with TP25F THB 17.00, based on PER25F of 21x. Current share price trades at PER ~10x, below both sector peers and historical average by -1.5 SD.