บทวิเคราะห์ (Research)

Reiterate BUY with an unchanged TP of THB11.8 We reiterate BUY on HUMAN due to: i) strong core profit growth in 4Q24E (+4% YoY, +35% QoQ) and FY25E (+15% YoY); and ii) cheap valuation. HUMAN is trading at 1-year-forward P/E of 16x, 2.7 SD below its 5-year mean of 33x. Also, we forecast free cashflow yields of 9%/10% in FY25/26E. Our DCF-based TP remains at THB11.8 (8.1% WACC, 2.5% TG). Potential rerating catalysts are: i) strong 4Q24 results; and ii) a partnership in Japan (an upside to our earnings forecasts).