บทวิเคราะห์ (Research)

We expect SISB to report a record high net profit of Bt240mn (+13.9% YoY, +9.9% QoQ) for 4Q24F. However, we are concerned about slower-than-expected growth in the number of students, so we cut our net profit estimates 4.9% to Bt880mn (+34.6% YoY) for 2024F and 11.8% to Bt970mn (+10.3% YoY) for 2025F. We maintain a rating of Outperform with a new 2025 DCF-based target price of Bt33.00 (DCF: WACC 9%, TG 2%), from the previous target of Bt46.75 (TG 4%).