บทวิเคราะห์ (Research)

ILINK : Easing concerns We reiterate a BUY rating and Bt8.5 TP (based on 1x 2025PBV) for ILINK. It remains a mispriced stock, trading at 34% discount to 2025 book value. First, fears of huge cost overrun at Ko Tao project should vanish as the PEA has signed the contract last December to accept the project. Second, the engineering unit should book small profit (not losses) this year. ILINK has a Bt200m backlog and should sign contracts for Bt500m worth of projects this year, which suggests c.Bt500m revenue at engineering unit. We maintain the company will book a profit (Bt486m) in FY25F, not a loss.