บทวิเคราะห์ (Research)

SUN is expected to report a 4Q24F net profit of Bt84mn (-29% YoY, -40% QoQ). Earnings should drop due to a much lower FX gain than in 4Q23 and 3Q24. However, operating profit is expected to be solid, despite being the low season, as export demand returned and RTE products continued to be a growth driver. We expect SUN’s earnings to be flat QoQ in 1Q25F due to seasonality but should grow YoY from a low base in 1Q24. The company’s new RTE capacity starting in late 1Q25F and paper-box sweet corn product in 4Q25F are expected to be major growth drivers for the next few years.