บทวิเคราะห์ (Research)

We expect CPAXT to report good 4Q24F earnings with better sales and profitability. The outlook for 2025F is also good, though there could be some risk from its investment in Happitat, such as cost overrun, that may raise concerns for the market. To reflect these concerns, we derated PER. However, with the good earnings expected for 4Q24F, benefits from the Easy e-Receipt scheme in 1Q25, and 17% upside to our new target price of Bt33.00, from Bt39.00, we maintain a rating of Outperform.