บทวิเคราะห์ (Research)

(EN) KCG : Earnings result - 1Q25: Broad-based outperformance In 1Q25, KCG reported core profit of THB119m, +38% yoy and -25%qoq (due to seasonality as 4Q is the highest season). The net profit of THB122m (+71% yoy, -25% qoq) was 20% above Bloomberg consensus and 12% above our estimate. This was driven by strong sales growth of 14% yoy (to THB2b) and good cost containment which resulted in higher gross margin and lower SG&A to sales. 1Q25 core profit accounted for 27% of our 2025F full-year forecast and we are in the process of reviewing our assumptions. Maintain BUY, TP THB11. We like KCG’s strong brand recognition in Thailand in the western food segment which grows in line with the Thai urbanization trend.