บทวิเคราะห์ (Research)

SNNP : Earnings Preview - The Thai market remains strong Maintained a slightly positive view on 1Q25F earnings, forecasting THB 164 million (+4% y-y, -2% q-q). The y-y growth is still achievable driven by the Thai market (80% of revenue) which grew by double digits y-y, offsetting the decline in international sales. Meanwhile, the company managed to maintain good margins, both Gross Margin (benefiting from product mix and lower costs) and %SG&A. Overall, the 2025F earnings are maintained with a +7% y-y growth. Recommended “Trading buy” with a target price of THB 13.5 for 2025F, based on DCF valuation.