บทวิเคราะห์ (Research)

KLINIQ : Earnings Preview - Expect 1Q25F profit +31% y-y, flat q-q We have a Neutral view on 1Q25F earnings which are better than the sector average, expecting 99 million baht (+31% y-y, flat q-q). The y-y increase comes from SSSG estimated at +10% y-y, as well as new branches opened in 2024 starting to generate profits, and improved profit margins. The flat q-q profit despite increasing Cash sales is due to customers using fewer services, resulting in reduced q-q revenue recognition. For 2025F, we have a positive outlook on performance, expecting it to be the strongest in the sector with Upside risk. We recommend "Buy" with a TP25F of 36 baht based on PER 22x. In the beauty, surgery, and wellness industries where Thailand has advantages, there is still long-term growth potential, and the company is one of the leaders with a strong brand.