บทวิเคราะห์ (Research)

(EN) OSP : Company Update - Stronger price competition We downgrade OSP (from Buy) to REDUCE and cut TP to THB16.50 after trimming EPS by 5-15% over 2024F-2026F. (1) We lowered sales by 0.8-3.8% in 2024F-2025F in anticipation of slower sales in 4Q24 (lost 1ppt market share yoy). (2) We raised SG&A expenses (by 0.8-1.2 ppt) after modelling in more product promotions to gain market share from 2025 onwards. EPS would now drop 7.6% yoy in 2025F and our target valuation is reduced to 15.3x 2025F P/E, or -1.5SD of its long-term average multiple.