บทวิเคราะห์ (Research)

We expect KTC’s growth profile to shitft into persistently slow mode effected by unfavorable macroeconomic condition and strict internal policy. At this level, we revise down 2025F/2026F earnings by 11%/10% and de-rate PE to 13.5x, reaching new TP-25F of Bt39 (down from Bt52). We also downgrade our rating to Underperform (from Neutral).