บทวิเคราะห์ (Research)

SAPPE is expected to report a 4Q24F net profit of Bt224mn (+34% YoY, -25% QoQ). Earnings should continue to drop QoQ due mainly to weak sales, especially in Europe. However, earnings should show strong growth YoY, supported by sales growth domestically, in the Middle East and in the Americas. We revised our net profit forecasts up 3% in 2024F and 7% in 2025F to reflect our new FX assumption and tax benefits from the new factory. We believe the recent drop in the share price has largely priced in the anticipated weak 4Q24F earnings and slow growth next year. Therefore, we upgrade the counter to Outperform, from Neutral, with a new 2025 target price of Bt70.00, from Bt65.00.