บทวิเคราะห์ (Research)

GLOBAL : Earnings preview - 1Q25F: Soft quarter priced-in We upgrade to BUY (from Neutral), while maintaining TP of THB8.50 and all estimates. GLOBAL’s share price has declined by 48% YTD, from the expected same-store sales (SSS) decline of 7% in 1Q25F. We forecast 1Q25F core profit to decline 14% yoy to THB627m, due to the deep SSS decline caused by the soft consumption trend in Thailand. We believe the negative outlook has been priced-in. GLOBAL is trading at 14.5x 2025F P/E which is -1.5SD below its long-term average. 1Q25F results will be released on 28 April 2025.