บทวิเคราะห์ (Research)

SCGP remains optimistic, targeting 2025F EBITDA of Bt18bn (+12% YoY), though industry headwinds persist. Still, weakening recycled paper prices and potential US tariff hikes pose risks, while high Chinese inventory may dampen demand in 1H25F. Despite 4Q24 earnings likely marking an earnings trough, recovery will be gradual, with 2025F net profit expected to decline 6% before rebounding in 2026F. We maintain a rating of Underperform with a lower target price of Bt15.00, from Bt16.70, given the ongoing challenges in China, Europe, and the US