บทวิเคราะห์ (Research)

BAM’s 1Q25 earnings were far below forecasts and guidance from management indicates signs of recovery may not be seen in 2Q25F, so we have cut our 2025F/2026F earnings forecasts by 16%/8%. Although the new management is trying to overhaul the company’s strategy, it will take time to turn the operation around. Applying a de-rated PE of 12x (from 15x), we reach a new 2025F target price of Bt5.10, from Bt7.50. We downgrade BAM to Underperform, from Neutral.