บทวิเคราะห์ (Research)

AEONTS guided that NPLs continued to increase in FY3Q24 (Sep-Nov), pressuring credit costs. We have revised down our FY2025F earnings forecast by 4%. Given the sharp rise in NPLs from unsecured loans and slower than previously expected economic recovery, we de-rate PE to 11.5x (-0.5SD), down from 13x, based on 2-year average earnings FY2024F-FY2025F, and reach a new 12M target price of Bt132, from Bt145. We downgrade AEONTS to Neutral, from Outperform.