บทวิเคราะห์ (Research)

Revenue from non-café sales would be the major growth driver in 4Q24F-2025F as AU expands to new sale channels. The launch of new products at 7-Eleven stores boosted sales from this segment by 180% YoY and 170% QoQ to Bt62mn in 3Q24. Moreover, AU received orders (eight months between October 1, 2024 – May 31, 2025) from Thai Airways to serve butter buns on domestic and outbound flights to China, Laos, Myanmar, Vietnam and Japan. We expect sales from these two new channels to increase non-café sales 132% to Bt195mn in 2024F and 53% to Bt298mn in 2025F.