บทวิเคราะห์ (Research)

BGRIM : Ft revision trims earnings, but strategic initiatives offer long-term growth potential Following the recent meeting with BGRIM’s management, we are optimistic their strategic initiatives would help the company to mitigate policy risks. These include increasing the volume of gas-linked contracts, restructuring the balance sheet, and recalibrating the IU customer base. However, we reduced Ft assumption to Bt3.85 (from Bt4.18), which pushed down 2025F and 2026F earnings by 18% and 12%, respectively. We maintain a 'Trading Buy' call for BGRIM with a reduced TP of Bt17.20 (from Bt23), given the prevailing weak capital market sentiment, bond market conditions, and macroeconomic uncertainties, including policy risk. These warrant a cautious approach.