บทวิเคราะห์ (Research)

BUY for strong FY25/26E growth and low valuation We reiterate BUY on COM7 due to strong core profit growth of 25%/10% in FY25/26E, driven by AI replacement cycle. COM7 is trading at 13.3x FY26E P/E, 14% lower than the commerce sector’s average. We revise up FY25- 27E core profit by 4-5% after factoring in a big jump in iPhone 17 presales and rental EV taxis. Also, we raise our target price from THB30.0 to THB32.0 (17x P/E), rolling forward our valuation from end-FY25E to end- FY26E. Potential re-rating catalyst is upward earnings revision by consensus as our revised FY25-27E earnings are 7% above the Street’s.