บทวิเคราะห์ (Research)

BGRIM is expected to report a disappointing 2Q25F net profit of Bt30mn (-95% QoQ, -87% YoY), mainly due to FX losses and weaker margins from industrial users. The outlook for 2H25F is also weak, with a decline in service income, rising costs, and maintenance challenges. Key issues, including offshore wind farm in Korea and risks in Vietnam, face uncertainties. Despite some potential positives, the outlook remains mixed, and we maintain a Neutral rating with a target price of Bt10.10.