SFLEX - Margins peaking, outlook holds; Maintain BUY TP THB3.90

MAGURO - SSSG slows from the ‘Shabu War’; Maintain BUY TP THB24.50

AP - Recovery signs seen in May; Maintain BUY TP THB9.00

SCGP - Builds resilience, eyes recovery; Maintain BUY TP THB29.00

EPG - Earnings bottomed, gradual recovery; Maintain BUY TP THB4.00

M - Increasing promotional activities; Maintain HOLD TP THB24.00

KKP - Benign auto loans, but high credit cost; Maintain HOLD TP THB50.00

KTB - Downward NIM but better loan quality; Maintain BUY TP THB25.80

ICHI - Green tea is not refreshing in 2025; Downgrade to HOLD TP THB11.20

SISB - Enrollment update & campus delay; Maintain BUY TP THB33.00