บทวิเคราะห์ (Research)

Reiterate BUY with an unchanged TP of THB11.9 We reiterate BUY on HUMAN due to i) 13% FY25E core EPS growth; and ii) potential upside to FY25E EPS from share repurchase and M&A deals. If HUMAN buys back 31.25m shares (the maximum amount), FY25E core EPS growth would be 18%. On 11 Mar, Maybank arranged a virtual meeting for HUMAN’s CTO Gordon Enns. He told investors that the revenue growth target for FY25 is 10%, and HUMAN is considering M&A deals in Thailand and Vietnam. Our DCF-based TP remains at THB11.9 (8.0% WACC, 2.5% TG).