บทวิเคราะห์ (Research)

SABINA : Earnings Preview - More conservative on earnings outlook We hold a slightly negative view on 1Q25F earnings, forecasting THB 112 million (-9% yoy, -2% qoq) due to the first yoy revenue contraction in 14 quarters stemming from a weaker performance in the branch channel, which is partially offset by continued online channel growth. Overall, we revise down our 2025-26F earnings estimates by an average of 4%, driven by lower revenue projections. We anticipate flat earnings of THB 460 million for 2025F, a year focused on maintaining stability with fewer new collection launches and an emphasis on cost savings. We downgrade our rating to “Trading Buy” with a new 2025F target price of THB 21.0 (previously THB 23), based on a DCF valuation. The stock is currently trading at a 2025F PER of 14x (-1.5SD) and offers a high dividend yield of 7.1%.