บทวิเคราะห์ (Research)

FY25-26E profit reduced and TP cut to THB17.30 We D/G SABINA to HOLD from BUY following our earnings revision, with a lower DCF-based TP of THB17.30 from THB25.50. Rising sales through nonstore retailing (NSR) channels and original equipment (OEM) orders are unlikely to offset softer off-line sales hurt by weak domestic consumption. SABINA should continue to offer an attractive dividend yield of 8% but we see no near-term catalyst.