บทวิเคราะห์ (Research)

BUY on cheap valuation and Vietnam expansion We reiterate BUY on HUMAN due to: i) 1-year-forward P/E of 15x being 2 SD below the 5-year mean; and ii) 12% FY24-27E core EPS CAGR, underpinned by growth across ASEAN (including the acquisition of Cadena in Vietnam). We maintain our DCF-based TP of THB10.0 (8.6% WACC, 2.0% TG). Potential re-rating catalyst is strong 3-4Q25E earnings. We switch our Top Pick from BBIK and NETBAY to HUMAN due to its limited downside risk.