Finansia Syrus Securities stated that R&B Food Supply Public Company Limited, or RBF, posted second-quarter 2569 net profit of 161 million baht, up 13.6% from the previous quarter and 66.4% from the same period last year. The result was 7% above the research team's forecast and marked the highest level in nine quarters, supported by lower-than-expected expenses and tax rate. Total revenue grew 1.1% from the previous quarter and 3.1% from the same period last year. Overseas revenue grew strongly by 9.7% from the previous quarter and 19.8% from the same period last year, fully offsetting domestic revenue which declined 1.6% from the previous quarter and 1.5% from the same period last year. Gross margin was 38.3%, stable at a healthy level and up from 35.1% in the second quarter of 2568, reflecting an improved product mix as the revenue share from the flavor segment rose to 34.3%, the highest level in twelve quarters. Total expenses fell 6.4% from the previous quarter and 0.5% from the same period last year, bringing the selling and administrative expense-to-revenue ratio down to 22.7% from 24.5% in the first quarter of 2569 and 23.5% in the second quarter of 2568, returning to the company's target range as planned. The effective tax rate declined to 7.6% from 10.0% in the first quarter of 2569 and 19.7% in the second quarter of 2568, driven by greater use of BOI privileges at the sauce plant in Thailand and increased utilization of accumulated tax losses at the plants in Indonesia and Vietnam after both facilities began generating profits. For the first six months of 2569, RBF reported net profit of 303 million baht, up 49.6% from the same period last year, representing 51% of the research team's full-year profit forecast. Finansia Syrus expects second-half 2569 profit to be stable to improving compared with the first half, supported by the full-quarter impact of the Thai Chuay Thai program, the entry into the high season for export customers in the third quarter of 2569, and hotter weather from the onset of El Nino, while beverage customers plan to launch more new products in the second half. The research team maintains its 2569 net profit forecast for RBF at 597 million baht, up 38.4% from the previous year, and keeps a buy recommendation on RBF shares.
R&B Food Supply Public Company LimitedQ2 net profit beat forecast, highest in nine quarters, with improved margins and lower expenses; analyst maintains buy rating and expects H2 growth.
