บทวิเคราะห์ (Research)

We view the 2Q25 net profit of 170mn THB (-32% yoy, +50% qoq) as slightly positive, with European customers beginning to place more orders after reducing them for the previous 3 quarters, leading to better qoq revenue but still declining yoy from a high base last year. We raise our 2025-26F profit forecasts by an average of 3% from increased revenue projections. We expect 2H25F trends to improve yoy and hoh from both a low base and anticipated increased customer orders. We see revenue at around 600mn THB/quarter in 2H25F, similar to 2Q25. We upgrade to Trading Buy from a new TP25F of 20.0 THB based on 14x PER. This is a Thai company with strong brand and financial position, with 33% ROE.