บทวิเคราะห์ (Research)

The 2Q25F earnings of CK* are likely to be impressive at Bt742mn from core profit, dividend income of Bt232mn and healthy share of profit from associates. This would put its 1H25F net profit at Bt1bn (+68% YoY). We rate CK Outperform with a target price of Bt16.80 pegged to PE 15x (-1.5SD to mean). The 2Q25F earnings guidance from STECON seems positive on the surface but several issues remain unclear. Therefore, we are reviewing our estimates and rating for STECON. Political uncertainties could lead many large government projects being delayed to next year. Hence, CK has yet to sign any new contracts while STECON’s new contracts this year should derive from private projects.