บทวิเคราะห์ (Research)

ITC fell 8% yesterday. 4Q24 normalized profit is estimated to fall 18%qoq due to lower profit margin and higher SG&A but grow 4%yoy. 2025 profit is expected to grow at a slower pace from a high base in 2024. As TU is ITC's parent company, TU's add-on global minimum tax (GMT) burden will be allocated to ITC. While GMT impact is still unclear, it has downside on ITC's forecast