NTF Intergroup (Thailand) Public Company Limited

Analysts at UOB Kay Hian (Thailand) maintained their buy rating on NTF shares with a target price of 23.30 baht, implying 83.5% upside compared with the closing price on October 6, 2026, based on a PE69 valuation of 10.7 times, slightly above the agricultural sector average, citing strengths in growth rate, a value-added business model, and the fact that external risk factors have largely been priced out. The company disclosed that it currently has forward orders for 2027 worth about 5.5 billion baht, or 67% of the company. For the third-quarter 2026 earnings outlook, it estimates net profit at 78 million baht, up 110% from the same period last year but down from the previous quarter on seasonal factors, and estimates operating revenue at 860 million baht, up 93% from the same period last year, driven by higher durian output and expansion into new provinces in China. Meanwhile, durian export volume in the third quarter of 2026 stood at 5,200 tonnes, up 80.1% from the same period last year, supported by increased capital after its IPO and a bond issuance used as working capital to deliver goods against orders. The company remains confident in the Chinese durian market, where consumption is currently only 1.3 kilograms per person, and targets frozen durian at about 8-10% of total sales.

NTF Intergroup (Thailand) Public Company Limited, or NTF, announced that for 2027 the company has received product orders and signed business contracts for 2027 with a total of four business partners, comprising three existing customers and one new customer, representing total order value of 5.5 billion baht. Meanwhile, the company's operating results have continued to grow. In 2024, it recorded revenue of 1.118 billion baht and net profit of 64 million baht. In 2025, it recorded revenue of 2.524 billion baht and net profit of 229 million baht. In the first half of 2026, it recorded revenue of 2.659 billion baht and net profit of 276 million baht. As for the NTF share price, which was offered in its IPO at 6 baht per share, as of September 9, 2026, it stood at 13.10 baht per share.

The Association of Listed Companies on the Market for Alternative Investment (maiA) has revealed the 10 companies on the mai market with the highest net profit in the first six months of 2026. PSGC took the top spot with a profit of 488 million baht, up 317% from the same period last year. UKEM posted a profit of 338 million baht, up 1,065%, the highest growth rate in the group, followed by KCC with a profit of 334 million baht, up 198%, and TRT with a profit of 290 million baht, up 262%. Ranking fifth to tenth are NTF with a profit of 276 million baht, up 67%; FSMART with a profit of 268 million baht, down 12%; XO with a profit of 238 million baht, down 15%; TACC with a profit of 203 million baht, up 33%; MEB with a profit of 191 million baht, down 10%; and FPI with a profit of 175 million baht, up 24%. Seven of the ten companies saw profit growth, while XO, FSMART, and MEB saw declines.

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 Inter Group (Thailand) Public Company Limited, or NTF, maintains its 2026 revenue target of 5.1 billion baht, based on order volumes, procurement plans, and delivery capacity. Chief Executive Officer Vichai Siramanonkul said the recent bond issuance was merely a capital management tool, and the company does not need to draw down the full facility at once in order to preserve capital efficiency. He confirmed that trade receivable quality remains strong, with payments being received as normal, even though period-end receivables rose in line with the sales season. The company views China as its main market and a continuing growth driver, focusing on long-term relationships with existing partners, expanding its new customer base, and adding frozen durian to complement fresh durian from Thailand and Vietnam to create business opportunities throughout the year.

NTF Company Limited has received purchase orders and signed business contracts for 2027 with four partners, totaling 5.5 billion baht. This comprises 3.9 billion baht for eastern-region durian, 900 million baht for Sisaket durian, and 700 million baht for frozen durian. Ms. Ruethairat Thongcharoen, Chief Financial and Accounting Officer, disclosed that these orders boost confidence in the 2027 operating performance, with a chance to set a new record high. Meanwhile, in the second half of 2026, the company still has advance orders from the Chinese market exceeding 5.1 billion baht. NTF derives approximately 98 to 99 percent of its export revenue, with China as the main market, and sees opportunities to expand market share from the fruit export market valued in the hundreds of billions of baht. The company is also advancing its business model into a fully integrated supply chain management platform from upstream to downstream.

NTF Inter Group Public Company Limited, or NTF, reported a first-half 2026 net profit of 276.41 million baht, up 66.73% from the same period last year. Sales revenue reached 2.66 billion baht, an increase of 59.90%, driven by total export volume of 16,318 tonnes, which grew 64.36%. Nearly all revenue came from premium fresh durian exports to China, accounting for 96.80% of total revenue. The company is confident that full-year revenue will meet the target of 5.1 billion baht, after achieving about 53% of the target in the first half. It also plans to issue bonds worth up to 700 million baht to expand its fresh and frozen durian business.

NTF Inter Group Thailand, or NTF, reported second-quarter 2026 net profit of 244.20 million baht, up 59.86 percent from the same period last year. Sales revenue reached 2.18 billion baht, an increase of 53.38 percent, driven by continued strong demand for fresh premium durian in the Chinese market. Revenue from fresh premium durian exports accounted for 97.01 percent of total revenue this quarter, with export volume growing 67.64 percent to 13,445 tonnes. For the first six months, net profit came in at 276.41 million baht, up 66.73 percent, while the second-quarter net profit margin stood at 11.04 percent, up from 10.68 percent a year earlier. Chief Executive Officer Vichai Siramaneekul said the growth reflects the company's ability to handle rising orders through efficient management of its packing-house network and supply chain.

NTF Inter Group Thailand, or NTF, has filed a registration statement with the SEC to issue two tranches of high-yield bonds, offered to institutional and high-net-worth investors. The first tranche has a one-year tenor, maturing in 2027, with a coupon of 6.60–6.80% per annum. The second tranche has a one-year-and-six-month tenor, maturing in 2028, with a coupon of 6.75–6.95% per annum. Interest is paid quarterly. Subscription opens from 18 to 20 August 2026 through the lead arrangers: Beyond Securities, Dao Securities Thailand, KGI Securities Thailand, and Asia Plus Securities, with Beyond Securities acting as bondholder representative. Proceeds will be used for asset purchases, investments, or expenses related to the current business.