บทวิเคราะห์ (Research)

KLINIQ : Earnings Result - 1Q25 profit below our and market expectations by 14%/7% We view the 1Q25 profit of THB 85m (+13% y-y, -14% q-q) as Slightly Negative, falling below our and market expectations by 14%/7% respectively. This was due to lower-than-expected revenue recognition, despite cash sales reaching a new high with +21% SSSG. Actual service usage remained below normal levels, causing delayed revenue recognition. Overall, profits still showed y-y recovery, performing best in the clinic and surgery segment. We maintain our 2025F profit forecast of +12% y-y, the strongest in the sector, and remain positive on the medium to long-term outlook. The beauty industry continues to grow, with the company being one of the leaders with a strong brand. The 16% share price decline over the past 3 weeks, due to high market expectations for record 1Q25 profits, presents an accumulation opportunity. We recommend "Buy" with a TP25F of THB 36, based on a PER of 22x.