บทวิเคราะห์ (Research)

Weak sales, HOLD, cut TP to THB64.25; Prefer CBG Maintain HOLD on SAPPE with a lower TP of THB64.25 to reflect our 0.3- 8.5% lower FY25-26 EPS forecasts, and as we apply a lower P/E of 15x (-1 SD of its 5-year mean; 18x previously) due to its uncertain sales outlook. We prefer CBG (CBG TB, CP THB79, BUY, TP THB95) due to its better earnings outlook