Salee Industry Public Company Limited

SALEE reported a 187% surge in net profit for the second quarter of 2026, reaching 23.40 million baht, compared to 8.14 million baht in the same period last year, driven by higher sales, particularly OEM plastic parts for electronics and electrical appliances. This was boosted by foreign companies relocating their production bases to Thailand to avoid trade barriers between the US and China. Total revenue stood at 385 million baht, up 12% from 345 million baht, while gross profit was 101 million baht, up 29%. Executive Director Supoj Sunthorninka stated that the second half of the year is expected to continue growing, with the company studying the data center market to expand into new businesses, and maintaining its revenue growth target of 10% for this year.

An analysis from Yuanta Securities Thailand indicates that SALEE's performance has accelerated to 14 to 15 million baht per quarter starting from the fourth quarter of 2025, after receiving orders to produce chip trays for a new semiconductor group investing in Thailand. This has boosted capacity utilization and lifted the net profit margin to 5 percent from the previous 2 to 3 percent. With ample remaining capacity, the company can take on production orders without additional investment. Analysts expect SALEE's profit to grow year-on-year in every quarter this year, and if profit for the rest of the year matches the first quarter of 2026, full-year profit would reach 60 million baht, up 78 percent from the previous year, equivalent to earnings per share of 0.04 baht and a dividend yield of 4 to 5 percent per annum. This estimate is based on only 50 percent capacity utilization and is further supported by government consumption stimulus measures that will help the plastics and label business grow in the second half of 2026. In addition, a key customer like Nidec, which is producing components for humanoid robots and continuously expanding investment in Thailand, will be a long-term positive factor for SALEE, as the components produced are special heat-resistant plastics manufactured in cleanrooms, with few direct competitors in Thailand. Technically, the stock price is holding above all moving average levels, with support at 0.60 baht and resistance at 0.68 baht. If it breaks through, there is a chance to test 0.80 baht.