บทวิเคราะห์ (Research)

RATCH : Attractive valuation but challenging RoE target We view Neutral on RATCH following the meeting. The company's strategy to focus on renewable energy is promising, but conventional power sources will remain the primary earnings driver in the next few years. We expect contribution from HKP and Paiton to fill the earnings vacuum when RG expires in 2025/27, ensuring stable earnings. Valuation is attractive but it might be challenging to meet the company’s 7-8% ROE target, given it is only 5% currently and lower returns from renewables.