Company Coverage
Osotspa (OSP TB): 3Q26 Results Preview: Margins Expected To Remain Resilient
BUY (Maintained)
Current price:
Target price:
Upside:
Bt16.50
Bt22.00
33.33%
Analyst
Highlights
- Osotspa is expected to report a 3Q26 core profit of Bt856m (+22.3% yoy, but -22.2% qoq). The yoy increase is driven by improved profitability, while the qoq decline reflects seasonal factors.
- We are more now positive on OSP, as it is supported by resilient gross profit margins despite rising input costs.
- 4Q26 earnings are expected to rise both yoy and qoq on sustained sales growth and resilient margins.
- Maintain BUY with a target price of Bt22.00.
Analysis
- Expect 3Q26 earnings to rise yoy. Osotspa (OSP) is expected to report a 3Q26 net profit of Bt926m (+32.3% yoy, but -15.8% qoq). Excluding a one-off gain of Bt70m from asset disposal, core profit is projected at Bt856m (+22.3% yoy, but -22.2% qoq). The yoy increase is driven by improved profitability, while the qoq decline reflects seasonal factors.
Highlights
- Osotspa is expected to report a 3Q26 core profit of Bt856m (+22.3% yoy, but -22.2% qoq). The yoy increase is driven by improved profitability, while the qoq decline reflects seasonal factors.
- We are more now positive on OSP, as it is supported by resilient gross profit margins despite rising input costs.
- 4Q26 earnings are expected to rise both yoy and qoq on sustained sales growth and resilient margins.
- Maintain BUY with a target price of Bt22.00.
Analysis
- Expect 3Q26 earnings to rise yoy. Osotspa (OSP) is expected to report a 3Q26 net profit of Bt926m (+32.3% yoy, but -15.8% qoq). Excluding a one-off gain of Bt70m from asset disposal, core profit is projected at Bt856m (+22.3% yoy, but -22.2% qoq). The yoy increase is driven by improved profitability, while the qoq decline reflects seasonal factors.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt16.50
Bt22.00
33.33%
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
