KGI Securities Thailand upgraded NEO to a buy from hold and raised its target price to 26.70 baht from 21.20 baht, after the company lifted its sales growth target to double digits from a previous expectation of mid-to-high single digits. First-half 2026 sales grew 12%, and July sales momentum remained strong, with revenue up 24 to 25% year on year, accelerating from 18% growth in the second quarter. The company also raised prices on some products by about 4 to 5% in July and increased its gross margin target to 37 to 39% from 36 to 38%, thanks to good cost management despite still-high surfactant and packaging costs. KGI raised its 2026 profit forecast by 12% to 648 million baht, implying 15% growth, and its 2027 forecast by 13% to 729 million baht, implying 13% growth. It expects third-quarter 2026 profit to improve both year on year and quarter on quarter, driven by strong sales growth and still-high margins.
Neo Corporate PclKGI upgrades NEO to buy and raises target price, citing raised sales growth target and higher profit forecasts.
