Finansia expects STA to swing to a 3Q26 profit of 850-900 million baht, raises target to 27 baht

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Finansia Securities said STA is expected to post a net profit of about 850-900 million baht in 3Q26, swinging from a loss in 3Q25 and potentially holding steady from the previous quarter, better than its earlier expectation of a decline. Sales volumes in the natural rubber business may beat expectations because Indonesia entered its rubber-tapping off-season in September and delayed deliveries to customers more than usual, prompting customers to buy from STA instead. Sales volume in 3Q26 is expected at 340,000 tonnes, above management's earlier view of about 320,000 tonnes, with an average selling price of USD2,275 per tonne, up 5.5% quarter-on-quarter and 23.2% year-on-year. Rubber prices rose to a 13-year high, recently at 258-260 US cents per kilogram. Finansia therefore raised its 2026-27 normalized profit forecasts by 14.5-26.4% to 3.23 billion baht and 2.83 billion baht, and lifted its target price to 27 baht from a target PBV of 0.85x, maintaining a buy recommendation.

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Finansia raised its 2026-27 normalized profit forecasts by 14.5-26.4% and lifted STA's target price to 27 baht, maintaining a buy recommendation.