บทวิเคราะห์ (Research)

BJC : Earnings Preview - Expect mild positive SSSG in 4Q We estimate BJC’s core profit fell 6% yoy to THB1.5b in 4Q24F, attributed to a 2% drop in rental income (due to renovation works) to THB2.3b. However, earnings from other businesses should see decent growth, especially from Big C (65% revenue contribution, +1.5% same-store-sales growth). Group gross margin should also improve 0.8ppt yoy to 21%. There could be THB130m FX gain from hedging of accounts payable as the THB had weakened in the quarter. Maintain BUY rating and THB30 TP, as SSSG should remain positive in 2025 and support the share price. And, BJC is trading at only 17.5x 2025F P/E, -2SD of its long-term average multiple.