บทวิเคราะห์ (Research)

We maintain Buy recommendation with a target price of 3.90 baht. The stock price has decreased to trade at P/E’25F, only -1SD of the historical average, reflecting the risk of reduced confidence from Chinese tourists. Meanwhile, we expect normal profit for 2024F-2025F to continuously hit record highs. We are positive about the normal profit outlook for 4Q24F at 1.4 billion baht (+59% yy, +12,436% qq), setting a new record high.