บทวิเคราะห์ (Research)

BJC : Earnings Preview - 2Q25F: Soft sales, decent profit In 2Q25F, we estimate core profit to increase 3% yoy to THB1.2b on the back of higher gross margin yoy, largely from: 1) lower raw material costs in the packaging business and 2) the healthcare business (6% revenue contribution) from the disposal of low-margin of Thai Scandic Steel in 1Q25. While SSSG at Big C (66% revenue contribution) was -3% in 2Q25, we think positive July SSSG possibly at 0.5%, could be an encouraging sign and a positive catalyst to the share price. We maintain BUY, TP THB30. We like BJC for its diversified consumer portfolio, its potential recovery in SSSG in 3Q25 and its decent valuation of 15.8x 2025F P/E, that is -2SD below its long-term average. BJC is our top pick for the sector, along with CPALL.