RJH: 15 Oct 2024

7 Oct 2024
CP 23.2
Tailwind
-Fct 3Q24 highest in last 2 yrs. Nomally comes from Cash and SSO
Headwind
-4Q24 is off-peak season -> revenue drop QoQ but increasing YoY
-Fct SG&A increasing from preparing to open new branch (RNK) in Oct'24 -> beware of Depreciation in Y25
-Adjust Relative Weight (RW) from 12K to 7K. Debating still on to push not to over 15K
-Affect from investment in RAM. SH's cost 28.2 current price is 23

KS TP 23.80 Fct EPS 1.58 PE 15
MOS 20% @ 19.04
MOS 25% @ 17.85
MOS 30% @ 16.66