บทวิเคราะห์ (Research)

SPA : Earnings Preview - Core profit to hit new high in 4Q We maintain a BUY rating for SPA with a Bt8.50 target price. Earnings should continue to rise and hit new highs in 4Q24F and 1Q25F, and grow by 15% CAGR (2-year) over 2025-2027F driven by rising tourist arrivals, additional branches, and better margins. SPA is trading at 22x 2025F PER or -1SD of its historical trading multiple.