Globlex Securities Company Limited, or GBS, has upgraded its recommendation on Exotic Food Public Company Limited, or XO, from "Hold" to "Speculative Buy" and raised its fair value from 15.60 baht to 19.20 baht, based on a prospective P/E ratio of 16.2x, up from 11.4x, and forecast earnings per share for 2026 of about 1.26 baht per share. Wilasinee Boonmasoongson, Assistant Managing Director at GBS, said XO reported second-quarter 2026 profit of 110 million baht, contracting 35% year-on-year and 15% quarter-on-quarter, on revenue of 589 million baht, down 4% year-on-year but up 13% quarter-on-quarter. Customers in Europe accounted for about 83% of core revenue, and the company has gained a new distributor in France. Gross margin fell from 45.4% in the first quarter of 2026 to 39.1%, due to a 60 million baht write-off of pickled chili raw materials; excluding that item, margin would be around 48-49%. The research team expects second-half 2026 revenue to grow at least 10% on accelerating European orders and the French distributor, and estimates margin will hold steady in a range of 47-49%. It has raised its 2026 revenue forecast from 2.26 billion baht to 2.37 billion baht, a rise of 10% year-on-year. Meanwhile, a new factory with an investment value of 1.3 billion baht is expected to begin construction in the third quarter of 2026, with an estimated 900-1,000 million baht in borrowing.
Exotic Food Public Company LimitedGBS upgraded XO from Hold to Speculative Buy and raised fair value from 15.60 to 19.20 baht on higher 2026 forecasts.
