บทวิเคราะห์ (Research)

CPAXT : Company update - Downward pressure from Happitat project We downgrade CPAXT to Reduce (from Neutral) with a Bt23.50 TP after including the following assumptions for the Happitat project (1) Bt300m interest expense over FY25F-26F, and (2) Bt500m loss in FY26F, the first year in operation. These reduced earnings by 2-6% and TP by 29% to Bt23.50 (from Bt33). EPS growth would be moderate at 5-6% in FY25F-FY26F because of the Happitat project, which could trigger a valuation derating to 21.8x FY25F P/E.