CNG – Earning review – [HOLD] – 4Q24: On the recovery trajectory

In 4Q24, CNG recorded robust top-line growth of 42% yoy, coupled with qoq improvements in gross margin. Yet, high SG&A undermined the bottom-line. In 1Q25F, CNG will enjoy booming yoy growth thanks to the low-base effect, with NPAT growing by multiples.