บทวิเคราะห์ (Research)

GFPT is expected to post a 2Q25F net profit of Bt580mn (flat YoY, -9% QoQ), with improved operating profit being offset by weaker joint venture (JV) contributions. Looking ahead, we expect earnings to improve slightly YoY and QoQ in 3Q25F. With an unexciting outlook, we maintain our net profit forecasts at Bt2.0bn (+2% YoY) in 2025F and Bt2.1bn (+3% YoY) in 2026F. We maintain a Neutral rating with a 1H26F target price of Bt9.70 (PE 6.0x).