บทวิเคราะห์ (Research)

AU is expected to post a 1Q25F net profit of Bt68mn (+25% YoY, -21% QoQ), driven by strong non-café revenue. Earnings should drop QoQ due to lower revenue and GPM. We expect SSSG to turn positive in 2Q25F and continued growth in non-café sales should boost earnings YoY and QoQ. We reiterate a rating of Outperform with a 2025F target price of Bt12.20.