บทวิเคราะห์ (Research)

Strong earnings growth at low valuation; BUY We upgrade BGRIM to BUY from HOLD. We see an opportunity after the share price declined over 20% YTD, offering an attractive long-term valuation of 12.5x FY28 P/E, far below -2SD FY17-21 P/E of 19.8x. We expect BGRIM to see an attractive FY25-28E EPS CAGR of 53% on the COD of all its projects under development in South Korea. We cut our end-FY25 target price by 17% from THB24 to THB20 as we revise down our Equity Internal Rate of Return (EIRR) assumption for all green-field projects in South Korea from an average of 12% to 10%. This reflects risk of some projects that have not yet started construction, and have made no major progress since our site visit in Oct’24.