บทวิเคราะห์ (Research)

Promising outlook continues Maintain BUY, with revised TP of THB81.50 We maintain BUY and revise up earnings and our DCF-based TP to THB81.50 (7.3% WACC and 3% growth) from THB81.0 to factor in likely better-thanestimated GPM. We expect 4Q24 earnings (due 25 Feb) to be strong, growing 19% YoY while FY25E earnings are likely to remain solid, with upside risk from a power tariff cut. CPALL’s valuation is undemanding at 18x FY25E P/E, 1.5 SD below its 5-year mean.