Yuanta Securities maintains a buy recommendation on Osotspa Public Company Limited, or OSP, with a fair value of 21.80 baht, after attending an analyst meeting yesterday. The broker expects third-quarter 2026 normalized profit of 750 to 850 million baht, down quarter-on-quarter due to seasonality but still growing year-on-year, even though revenue from Myanmar is pressured by import licenses and the new accounting standard TAS21. Domestic business is expected to grow 5 to 7 percent, supported by energy drinks, health drinks, and personal care products. Gross margin is expected to decline to 39.5 to 40.5 percent due to packaging and ingredient costs, but still rise slightly from a year earlier thanks to the consolidation of production at the Ayutthaya facility. Management said the import license issue in Myanmar is starting to ease, and sales in Laos and Indonesia are strong, so overseas revenue in the second half of 2026 may decline less than in the first half. For the fourth quarter, profit is expected to return to growth both quarter-on-quarter and year-on-year. The company will lease 45 rai of land to CPAXT for 30 years and will begin recognizing rental income of about 40 million baht per year from the second quarter of 2027. Yuanta maintains its 2026 and 2027 normalized profit forecasts at 3.861 billion baht and 4.12 billion baht, respectively, and notes the first-half 2026 dividend of 0.45 baht per share, representing a yield of 2.5 percent. The stock will trade ex-dividend on August 27, 2026, with payment on September 10, 2026.
Osotspa Public Company LimitedBroker maintains buy with target price, expects profit growth and dividend yield.
CP Axtra Public Company LimitedWill lease land to Osotspa, generating rental income from 2027.
