AOT : AOT sets a conservative target for FY25F We view Slightly Negative: (1) AOT's target for FY25F (Oct 24 - Sep 25) is 8% lower than our assumption, and (2) various projects are delayed. However, we believe AOT is likely to review its target in April 25, and the projects will become clearer in 2025F. We maintain Trading Buy with a target price of 64.50 baht