บทวิเคราะห์ (Research)

Reiterate BUY on valuation, yield; trim TP to THB16.6 We maintain our BUY thanks to ICHI’s cheap valuation, trading at 11.9x FY25E P/E (-1 s.d. below its 5-year mean) and attractive dividend yield of 8-9%. However, we believe likely disappointing 4Q24E results (due 24 Feb) could weigh on its share price in the short-term. We cut our FY24-26 core EPS forecast by 3.2-7.9% and trim our TP to THB16.6 (based on 15x FY25E P/E, -0.75 SD its 5-year mean) from THB20.6.