บทวิเคราะห์ (Research)

We expect EKH to report a weak 2Q25F net profit of Bt49mn (-20.7% YoY, -18.9% QoQ), accounting for only 19.6% of our new full-year forecast of Bt252mn (-10.1% YoY). We cut our earnings estimates for 2025F and 2026F to reflect our forecast for 1H25F earnings and the outlook for the longer term. Nonetheless, we maintain a rating of Outperform with a new DCFbased target price rolled over to mid-2026F at Bt6.90 (WACC 9%, TG 1%), from Bt7.50 (based on 2025F).