บทวิเคราะห์ (Research)

Maintain HOLD, prefer CPALL We maintain our HOLD rating on CRC, with a revised DCF-based TP of THB18.70 after revising down our earnings to reflect narrowing gross margin. CRC is likely to deliver moderate medium-term earnings growth based on its ongoing expansion and synergy benefits. However, CRC’s nearterm outlook remains challenging amid weak consumption. Even though it is trading at 12x FY25E P/E, or 2 SD below its 5-year average, we don’t see a short-term catalyst. We prefer CPALL (CPALL TB, CP THB45.00, BUY, TP THB68.00) given its resilient earnings growth and attractive valuation.