Finansia Syrus Securities Public Company Limited maintains a Buy recommendation on Sappe Public Company Limited, or SAPPE, while raising its 2027 target price to 44 baht, based on a price-to-earnings ratio of 14 times. It expects third-quarter 2026 net profit to return to year-on-year growth for the first time in seven quarters at 206 million baht, up 12.4 percent from the same period last year, with total revenue growing 15.7 percent from a year earlier. The research team lowered its 2026 to 2027 earnings estimates by 8.5 to 10 percent to reflect higher marketing expenses, but raised its 2026 and 2027 revenue estimates to growth of 9.5 percent and 12.1 percent respectively. It also expects 2027 net profit to grow 27.8 percent from the previous year, supported by revenue from all regions and economies of scale. The company plans to begin operating a new plant in mid-2027, increasing production capacity by 25 to 30 percent, and expects a dividend yield of about 4 to 6 percent per year.
Sappe Public Company LimitedBuy rating and raised target price, with expected profit growth and new plant capacity expansion.
