UOB Kay Hian (Thailand) research department maintains a positive view on NTF, expecting 3Q26 profit to grow strongly YoY. Although the eastern durian season has passed in 2Q26, the company is still supported by the southern and Vietnamese durian seasons, as well as the push for frozen durian. The firm maintains a "Buy" recommendation with a target price of 23.30 baht, based on a 2026F P/E of 10.7 times. The company still targets 2026 revenue of 5.1 billion baht, after achieving 2.7 billion baht in 1H26, and has already secured about 70% of the 2027 sales target of 8.2 billion baht under the JUMP+ plan. Gross margin is expected to improve YoY due to economies of scale and a better product mix, with frozen durian having a gross margin of around 20-25%, higher than fresh durian's 19-20%.
NTF Intergroup (Thailand) Public Company LimitedStrong durian demand from Thai and Vietnamese seasons and frozen durian push support growth.
