บทวิเคราะห์ (Research)

Lacklustre 4Q24E, but we expect strong 2Q25 profit Reiterate BUY with a slightly lower TP of THB29.3 We reiterate BUY on SKY due to strong FY25E core profit growth of 59%. We reduce our SoTP-based TP to THB29.3 from THB30.10 as we trim FY25E core profit by 2%. SKY is trading at a PEG ratio of 0.75x (FY24E P/E of 31x dividend by FY24-26E core EPS CAGR of 41%). Although 4Q24 core profit will likely be lacklustre (flat QoQ), 2Q25E core profit should grow strongly as we expect SKY to kick-start its momentum of project wins in 1Q25.