บทวิเคราะห์ (Research)

In 2024, smartphone shipments have shown a gradual recovery, a trend we anticipate will carry forward into 2025E. This recovery aligns with the device replacement cycle, as the majority last upgraded their smartphones during the pandemic or shortly after. As 2025E marks a key replacement phase for smartphones, we expect demand to remain strong. While the smartphone retail market is approaching maturity, we believe COM7, as the leading mobile retailer with over 50% market share, is best positioned to capitalize on this trend. We recommend a BUY for COM7 with a TP of THB29, 2025E P/E of 19x, which is below its 5-year historical average of 24x. While the historical average reflects COM7’s strong growth trajectory in the past, we believe a fair P/E multiple for the company, in the absence of significant catalysts, should not be more than 20x.