บทวิเคราะห์ (Research)

We view 2Q25 earnings of THB 100mn (-15% yoy, -2% qoq) as Neutral, close to our and market expectations, resulting from slowing purchasing power impacting Offline channel revenue which continues to decline. We expect 3Q25F Outlook earnings to still decrease yoy, qoq and maintain 2025F earnings at THB 391mn -16% (below Consensus -11%) under this year's cautious business plan. We maintain "Neutral" recommendation with TP25F of THB 16.8 based on PER 15x. The company announced 1H25 dividend of THB 0.58/share (yield 3.6%, XD Aug 27, payment Sep 10).