บทวิเคราะห์ (Research)

(EN) ILM : SSSG Turns Positive! We view positively the information from the Analyst meeting, with SSSG 3QTD recovering quickly and able to turn positive at low-single digit, which has been trending upward in both July and August. Combined with the Gross margin direction in 2H25F that can continue on an upward trajectory from using Data to control discounts in both Online and Retail channels, this leads us to expect 3Q25F normalized profit to increase y-y, q-q to fall within the range of 200-220 million. Additionally, in September, ILM will begin opening the first Flying Tiger branch at Emsphere and will expand further to 5 branches by the end of 25F, which is an upside risk that we have not yet included in our estimates. We maintain our estimates and Buy recommendation on the unchanged TP25F target price of 18.1 baht based on DCF, as ILM is a gradual growth stock with high dividends of around 8%, with the stock trading at PER25F 9.3x (-2SD).