บทวิเคราะห์ (Research)

SAPPE : Blistering heat grips Europe This morning, the BBC reports “‘Unprecedented’ alerts in France as blistering heat grips Europe” that a record number of heat alerts are in place across France, and parts of Europe. We believe this could be beneficial to SAPPE as Europe is its key market, accounting for 10% of sales in 1Q25. We note that the potentially hot summer in Europe could be positive to SAPPE whose sales declined 38% yoy (to THB1.1b) in 1Q25 from overstocking and soft demand. Management guided for a positive yoy sales growth from 3Q25 onwards and we believe the hot summer in Europe could be a tailwind to help it achieve this. We maintain BUY, all estimates and TP at THB40.