PSL - Small ships straining in rough waters; Downgrade to REDUCE TP THB5.40

WHAUP - Moderate growth for 1Q25E earnings; Maintain BUY TP THB4.50

BA - Strong Samui traffic shields BA’s earnings; Maintain BUY TP THB28.00

NSL - Popular and affordable foods; Maintain BUY TP THB43.00

DELTA - Expensive PE reflects strong AI; Maintain REDUCE TP THB55.00

SPALI - 1Q25 profit likely weaker than thought; Downgrade to REDUCE TP THB14.20

MAGURO - Seeking growth from new branches; Maintain BUY TP THB24.50

CHG - On the mend - recovery in 2Q25; Maintain BUY TP THB2.60

OSP - THB10 impact likely clearer in 2Q25; Maintain BUY TP THB24.00

SIRI - A likely dull 1Q25 profit; Downgrade to HOLD TP THB1.50