บทวิเคราะห์ (Research)

We expect CENTEL’s 4Q24 earnings to be unexciting due to pre-operating expenses and losses of around Bt150-200mn from two new hotels in Maldives. For 2025, the company’s overall performance should continue to grow YoY as earnings continue to recover. We cut our net profit estimates 23.9% for 2024F and 28.9% for 2025F. We maintain a Neutral rating with a 2025 target price of Bt39.00 (based on EV/EBITDA of 13.4x), from the 2024 target price of Bt47.00.