บทวิเคราะห์ (Research)

2Q25 net profit is estimated at B964m, falling 12%qoq and 22%yoy, including Fx loss of B125m. 2Q25 normalized profit is projected at B10.9bn, falling 14%qoq and 10%yoy. Compared with 1Q25 (qoq), SG&A is expected to increase and other income is projected to fall, while sales and gross margin are projected to stay unchanged. Compared with 2Q24 (yoy), sales and service revenue is expected to fall as retail (BIGC) and packaging businesses weaken. Gross margin is expected to drop, while SG&A/sales are expected to increase.