บทวิเคราะห์ (Research)

2Q25 net profit is estimated to grow 49.5%qoq to B1.7bn. Net extraordinary loss is expected to decrease 68.2%qoq to B136.5m thanks to Fx gain of B235.5m (versus Fx loss of B57.1m in 1Q25). 2Q25 normalized profit is projected to grow 17.3%qoq to B1.8bn. Shared profit from associates is expected to grow, mainly from XPCL (high season; China releases water to dam) and CFXD (Fx gain). Yet, gross profit is expected to drop qoq, mainly from SPPs (Ft rate cut) and IPPs (higher loss from GHECO-One)