บทวิเคราะห์ (Research)

We expect MAJOR to report a 4Q24F net profit of Bt278mn (-16% YoY, +453% QoQ). The decline YoY would be due to weaker cinema revenue and higher SG&A/sales. The surge QoQ would be from improved revenue and margins. We have revised down our earnings projections for 2024F/2025F by 10%/16% due to a lower guest count assumption and higher SG&A/sales. After the revisions, we cut our 2025 target price to Bt15.00, from Bt17.80. With limited upside to our new target price, we downgrade MAJOR to Neutral, from Outperform.