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DR โดย GLOBLEX | FERRARI N.V. (RACE) (FERRARI80) | Research as of 29 May 2025

29 พ.ค. 2568 18:09
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Highlights
Ferrari is not merely an automaker; it's a global luxury powerhouse, holding an enviable position thanks to a deliberate strategy of scarcity. Unlike competitors who chase volume, Ferrari limits production, cultivating unparalleled exclusivity. This calculated restraint fuels insatiable demand, resulting in multi-year waitlists, robust resale values, and unmatched pricing power. With a brand steeped in 75 years of racing glory and cultural prestige, Ferrari has forged an emotional connection with its clientele that transcends typical brand loyalty. This unique blend of aspirational appeal, akin to Hermès, and Formula 1-level engineering dominance, allows Ferrari to achieve industry-leading margins that are rare in the automotive sector. We recommend a BUY on FERRARI80, with Bloomberg consensus TP of THB1.64 (equivalent to €443, based on EUR/THB at 37). Despite trading at a premium valuation, we believe Ferrari's scarcity-led model, multi-year demand visibility, and industry-leading ROIC more than justify its current multiple. For investors seeking long-duration exposure to global luxury with resilient fundamentals, Ferrari offers a rare combination of brand power, pricing control, and capital discipline.
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