บทวิเคราะห์ (Research)

We expect a limited negative impact on COM7’s performance from absence of government stimulus package (Easy E-receipt) at the beginning of the year. However, seasonality may bolster earnings momentum in 4Q25 before slowing down in 1Q26. Softer demand in 2026 remain a factor to watch (which we mostly took into account) while concerns related to its latest investment in M vision PCL seem to have eased. Given i) attractive valuation, ii) 22% upside, and iii) 5% yield, we continue to rate the counter Outperform.