บทวิเคราะห์ (Research)

SFLEX is in the stronger growth phase momentum to see rising net profits and cash flows in 2024E-26E, premised on the customer portfolio shift towards high-margin ones, growths from two JVs StarPrint and StarUnion, and higher utilization rates. With limited CAPEX, we think SFLEX is likely to either 1) pay higher dividend; or 2) pursue treasury stock buyback during 2025E-26E, in order to enhance shareholders’ returns, in our view. We initiated coverage on SFLEX with a BUY and a TP of THB3.6, based on 9x 2025E P/E. We think SFLEX’s solid quarterly net profit outlook on its growth strategy, upside on shareholders’ return on potential higher dividend or treasury stock buyback, and currently attractive valuation at 6.7x 2025E P/E, justified 9x P/E on high ROE (25% in 2025E), high net profit growth (17%), and high net profit margin (15%).