บทวิเคราะห์ (Research)

After its debut IPO on 4 October 2024 at IPO price of THB6.7, OKJ;’s share price has stayed elevated above THB11 and currently with the closing price of THB15.3 on 30 December 2024. While its valuation seems high at 41x 2024E P/E, we think OKJ’s share price is likely to rerate further on our projected net profit growth of 45.4% CAGR in 2023-27E on three key factors – branch expansion, margin improvement, and new growths from bakery business. We initiated coverage on OKJ with a BUY and a TP of THB20, based on 2025E P/E of 35x. We think our valuation premium is justified by OKJ’s strong net profit growth on global healthy food trend, improving profitability on its operational expansions and higher efficiency, and the growths from bakery business.