บทวิเคราะห์ (Research)

KCE : Earnings preview - Cost savings to drive earnings in 2025 We expect earnings to remain slow until 2Q25 because of weak demand and the cost-saving program would take time to boost GPM. Earnings should be unexciting in 4Q24F at Bt388m (flat qoq, fall 19% yoy) due to low season. We trimmed FY25F earnings by 7% to Bt1.8b (+5% yoy) and TP to Bt27.50. We are maintain a BUY call premised on improving GPM (and earnings).