บทวิเคราะห์ (Research)

KCE reported a 2Q25 core profit of Bt176mn (- 67% YoY, -2% QoQ). The result was 27% below our forecast due to higher-than-expected SG&A expense and a lower-than-expected gross margin. Earnings are expected to recover, but this seems to already be reflected in the share price. We maintain a rating of Underperform with a 1H26F target price of Bt19.20