บทวิเคราะห์ (Research)

We maintain a neutral view on the analyst meeting, as COM7 targets 10% revenue growth in 2025E, with QTD revenue showing slight improvement. The company remains committed to store expansion, planning to open 120-150 stores, with a focus on Studio7. While PetPaw, Dr. Pharma, and Aion are expected to improve, they are still operating at a loss. However, Double7, iCare, and UFUND, delivered strong profits in 2024, with momentum expected to continue. Subsidiaries now contribute 10% of COM7’s net profit (Exhibit 3 & 4). We maintain our BUY recommendation for COM7 with a TP of THB29, based on a 2025E P/E of 19x which is slightly above -1SD of its 5-year average. COM7’s core operations remain strong, reinforcing its market leadership.