บทวิเคราะห์ (Research)

CBG is expected to report a 4Q24F net profit of Bt770mn (+19% YoY, +4% QoQ) on the back of strong sales growth. Growing its domestic energy drink market share to 26.0% in December, together with strong distribution revenue from spirits, should help sales grow a solid 13% YoY and 17% QoQ. We expect the positive earnings momentum to continue in 2025F as the company targets its market share to reach 29%, which could offer upside risk to our sales assumption. We maintain a rating of Outperform on CBG with a 2025 target price of Bt86.50.