บทวิเคราะห์ (Research)

Amid the current uncertainty in Thailand’s stock market, KAMART has emerged as a standout performer, achieving over 30% y-y revenue growth with an attractive valuation of just 16x 25E P/E. With its ability to sustain 15-20% growth in 2025E, KAMART sets itself apart from its peers. Over the past years, the company has transformed significantly, doubling its market cap from THB7b in 2022 to THB14b, supported by solid fundamentals and a strong growth trajectory. Operating in a highly competitive beauty industry with low barriers to entry, KAMART has not only survived but thrived over its 15 years, establishing itself as one of Thailand's most recognizable beauty brands. We recommend a BUY for KAMART with a TP of THB 15, based on a 2025E P/E of 22x, which aligns with its robust revenue and net profit growth. While beauty brands with strong growth often command higher P/E valuations in international markets, we believe a 22x multiple is a fair reflection of KAMART’s potential, considering the current sentiment and efficiency of Thailand’s stock market.