บทวิเคราะห์ (Research)

HOLD for strong 4Q24E and 4% FY25E yield Reiterate HOLD with a higher TP of THB300 We reiterate HOLD on ADVANC as its premium valuation (when compared to regional peers) already prices in its strong 4Q24E profit outlook and FY25E, in our view. Nevertheless, the HOLD rating is supported by an FY25E dividend yield of 4%. We raise our DCF-based TP to THB300 (7.4% WACC, 2.0% terminal growth) from THB296 after raising FY24-26E core profit by 2%. We prefer TRUE (BUY, THB13.8 TP) over ADVANC due to TRUE’s stronger FY25E core profit growth of 81% and cheaper valuation.