บทวิเคราะห์ (Research)

(EN) KCG : Earnings preview - 2Q25F: Decent sales growth drives profit In 2Q25F, we project KCG to deliver THB100m (+9% yoy, -16% qoq) in core profit, driven by strong sales growth of 12% yoy (to THB1.9b. For net profit, this could be THB97m (+2% yoy and -21% qoq), as we project an FX loss of THB3m, from hedging its accounts payable. We like KCG for its leadership in the western foods segment which grows in line with Thailand’s urbanization. We note that 1H25F core profit accounts for 49% of 2025F core profit and there could be additional upside as 4Q core profit usually accounts for 30%-50% of full-year profit. It is trading at an undemanding valuation of 10.3x 2025F P/E and has a dividend yield of 5.1%.