บทวิเคราะห์ (Research)

EGCO : 2025 clouded by QPL and Yunlin We are more cautious of prospects for EGCO this year after the latest update from the management. (1) We expect Yunlin to receive the license this August, which means EGCO can only book contribution from Yunlin then. (2) The pending PSA for QPL might result in delays in booking revenues and amortization charges. We trimmed 2025-26F earnings by 3% and 4%, respectively, after reflecting smaller contribution from Yunlin. We had included the impact of QPL’s new PSA during our last report. Our TP is lowered to Bt128 (from Bt149) after conservatively reducing the DCF valuation for Yunlin by 50%. Given limited upside and prevailing uncertainty, we downgrade EGCO to NEUTRAL (from Buy).