Srinanaporn Marketing Public Company Limited, or SNNP, is seeing a U-shaped profit recovery in the remainder of 2026. Yuanta Securities stated that normalized profit has already bottomed out in the first quarter of 2026 and expects normalized profit in the second quarter of 2026 at 74 million baht, up 23.2 percent from the previous quarter but down 42.8 percent from a year earlier, supported by projected revenue of 1.348 billion baht, growing 6.0 percent from the previous quarter due to seasonal factors and a continued recovery in Vietnam sales. Meanwhile, the second-half outlook still shows positive signals from both revenue and net profit margin, with normalized profit in the third quarter of 2026 expected to continue growing to 100 million baht and return to growth both quarter-on-quarter and year-on-year in the fourth quarter of 2026, driven by the high season and a low base last year. However, the broker cut its 2026 and 2027 normalized profit forecasts by 29.3 percent and 21.4 percent to 361 million baht and 431 million baht, respectively, to align with the current situation, while upgrading its recommendation to buy with a new fair value of 9.00 baht based on a PER of 20.0 times, reflecting the earnings trend that has passed its lowest point. The current share price offers an upside of 26.8 percent.
Srinanaporn Marketing Public Company LimitedBroker upgrades to buy with higher target price, citing bottomed-out profit and expected recovery.