บทวิเคราะห์ (Research)

ADVANC : Start tighter cooperation with GULF We reiterate a Buy rating with Bt311 TP for ADVANC. We start to see more movement in ADVANC’s retail business as it has the cooperation with GULF to sell GULF’s solar cell products in ADVANC’s shops. There is not much detail from this cooperation from ADVANC. Looking how active both GULF and ADVANC are to boost products sale, we see some upside risk to our earnings in 2025 since we see no growth in revenue from its products sale for 2025. We retain our 6.6% EPS growth projection in 2025 with upside risk from cost-savings (securing spectrum at a lower price at the upcoming auction). 4% yield in 2025 is also decent.