บทวิเคราะห์ (Research)

SJWD : Earnings Preview - Extra gain in 1Q25F We have a slightly positive view, expecting a normalized profit of 245 MB for 1Q25F (+39% y-y, +25% q-q). The increase both y-y and q-q is primarily driven by the share of profit due to i) a significant special gain of 40 MB from the sale of the industrial estate land in Cambodia (PPSP), which caused the share of profit from PPSP to turn positive from -10 MB in 4Q24, and ii) a special loss item of -25 MB in TMS in 1Q24. Meanwhile, core operations remained largely unchanged. We expect a y-y increase in normalized profit for 2Q25F compared to a low base in 2Q24, but a q-q decrease due to seasonal factors. Excluding the Extra gain and the special share of profit from the sale of the industrial estate land in Cambodia that were recognized in 1Q25F, we initially project the normalized profit to be in the range of 190-210 MB. We maintain our forecasts and a TP25F of 7.7 baht per share based on a DCF valuation. We are downgrading our recommendation to Neutral, as the current stock price has already priced in the existing upside and our current forecasts. It is worth noting that our current forecasts and target price do not yet incorporate the potential upside from the divestment of Alpha warehouses into a REIT which we are currently awaiting further clarification from the company