บทวิเคราะห์ (Research)

ONEE : Earnings Preview - Expected 1Q25F Loss, Recovery in 2Q25F We maintain a Neutral recommendation but lower the target price (TP25F) to THB 2.38 (previously THB 2.80) due to weaker-than-expected advertising revenue and content sales. We adjust our 2025F-2027F earnings forecasts downward by -32%, -15%, and -8%, respectively. However, we believe ONEE's stock price has already reflected its valuation below book value. We anticipate a 1Q25F net loss of THB -10 million due to an economic slowdown and high competition.