Specialty Natural Products Public Company Limited, or SNPS, is likely to report weaker-than-expected normalised profit for the second quarter of 2026. Normalised profit is estimated at 19 million baht, down 26.6 percent from the previous quarter and down 32.4 percent from a year earlier. Although revenue is projected at 148 million baht, supported by seasonal factors and expanded distribution channels for ODM customers, gross margin is expected to decline to 31.0 percent from 46.0 percent in the prior quarter, as active extract costs rise in line with oil prices while selling prices cannot yet be raised. The research team has cut its 2026 normalised profit forecast by 20.1 percent to 96 million baht and lowered the valuation P/E multiple to 18.0 times, resulting in a new end-2027 target price of 5.00 baht and a downgrade to TRADING.
Specialty Natural Products PCLWeaker-than-expected Q2 profit forecast and lowered 2026 profit estimate, target price cut to 5 baht, downgrade to TRADING.