xxxxx
xxxxxxxxxxxxxxxxxxxxxxx xxxxx, xxxxxxxxxxxxxxxxx, xxxxxxxxxxxx xxx xxxxxxxxxxxxxxxx
xxxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxx xxxxxxxxxxxxxxxxxxxxxxxxx x xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxx xxxxxxxxxxx xx xxx xxxxxxxxxxxxxxxxx x xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx (xxxxx-xxxxx) xxxx xx xxx xxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxx x/x xxxxxxxxxxxxxxxxxxx,xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxx xxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxx xxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
xxxxxxxxxx xxx xxxxxxx xxx xxxxxxx xx xxx xxxxxxxxxxxxxxxxx xxxxx
xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxx xxx xxxxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xx xxx xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxx xxx xxxxxxxxxxxx xxxxx xxxxxxxxxxxxxxx xxx xxxxxxx xxxxxxxxxxxxxxxxxxxxxx xxx xxxxxxxxxxxxxxxxx xxx xxx xx xxxx xxxxxxxxxxxxxxxxxxxxxxx xx xxx xxxxxxxx xxx xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxx xxxxx (xxxxxxxxxxxxxxxxxxxxxxx xx% xxxxxxxxxxxxxxxxxx xxxxx) xxxxxxxxxxxxxxxxxxxxxxxxxxx xx xxx xxxx
xxxxxxxxxxxxxxxxxxxxxxxx xxxxx/xxxxx xxxxxxx xx%/xx%, xxxxxxxxxxxxxxxxxxxxxxx xxxxx xxxx x.xx xxx xxx xxxxxxxxxxxxxxxxxxxxxxxx
xxxxxx xxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxx xxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx +x.-x% xxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx x.xx xxxxxxxxxxxxxxxx xxxxx xxxxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx xxxxx xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx x.x xxxxxxxxxxxx xxx xxxxxxxxxxxxxxxx xxx xxxxxxxxxx xxxxx xxxxxxxxx xxxxxxxxxxxx xxxxx xxxxx xxxx xx xxx xxxxxxxxxxxxxx x/x xxxx (<2x ในปี 2569F) และ ทำให้สามารถจ่ายปันผลได้เพิ่มขึ้น ซึ่งหากใช้สมมติฐานอัตราการจ่ายเงินปันผลที่ 75% จะทำให้อัตราผลตอบแทนจากเงินปันผลอยู่ที่ประมาณ 7% เมื่อใช้ PE ที่ 14x (-1SD) ทำให้เราได้ราคาเป้าหมายปี 2569F ที่ 9.7 บาท (จาก 9.6 บาท) โดยยังเหลือ upside ถึงราคาเป้าหมายอีก ดังนั้น เราจึงปรับเพิ่มคำแนะนำจากถือเป็นซื้อ
xxxxx
xxxxxxxxxxxxxxxxx xxx xxxxxx xxxx.
xxxxxx xxxxxx
xx.xxxx.xxxx xxx. xxxx
xxxxxxx@xxx.xx.xx
