บทวิเคราะห์ (Research)

Lowering index target, but downside limited We lower our FY25 year-end SET Index target to 1290 from 1410 as we cut our target P/E to 14.5x from 15.5 in light of slower growth outlook. We have also trimmed our Index EPS from 91.2 to 88.6 which is 3% lower than Bloomberg consensus. Despite lower Index target, we think the downside risk to SET Index now looks limited. Our view is based on earnings yield gap which has reached 6.5%, well above its 10Y average of 4.3%. We think the current 2.2% premium over its long-term average already more than compensates for the slower growth environment.