บทวิเคราะห์ (Research)

We are optimistic about SHR’s business outlook as we expect the company to report a strong 3Q25F normalized profit of Bt144mn, surging from a normalized loss of Bt20mn in 3Q24 and a normalized profit of Bt11mn in 2Q25. We believe negatives have already been priced in. Moreover, SHR’s earnings have continued to show a turnaround since 4Q24. We rate Outperform with an end-2026F target price of Bt1.90, based on EV/EBITDA 6.8x (-1.0 S.D.).