บทวิเคราะห์ (Research)

(EN) THCOM : Earnings Preview - To book profit in 4Q due to FX gain We maintain a Neutral rating for THCOM because there is no major share price catalyst in the near-to-medium term. P/E valuation is also expensive based on current operations. THCOM should deliver Bt195m profit in 4Q24 vs net losses in 4Q23 and 3Q24, but only because of a forex gain. Excluding this, core profit should remain slim at Bt19m. However, there is downside risk to our Bt116m profit for FY24F, and we conservatively expect losses in FY25F and FY26F.