Krungsri Securities Public Company Limited said that the operating results of Sappe Public Company Limited, or SAPPE, have passed their lowest point. It expects normal profit in the third quarter of 2026 to come in at approximately 192 million baht, up 7% from the same period a year earlier and up 4% from the previous quarter, marking the first return to year-on-year growth in seven quarters, supported by revenue recovery in nearly all regions. Third-quarter 2026 revenue is expected at approximately 1.55 billion baht, up 15% year-on-year and 3% quarter-on-quarter, while the gross profit margin is expected at 44.4%, up from 43.5% in the third quarter of 2025 and 44.2% in the second quarter of 2026, driven by higher production capacity and lower packaging prices. The brokerage maintained its full-year 2026 normal profit forecast at 701 million baht, down 8% year-on-year, and its 2027 forecast at 772 million baht, up 10% year-on-year. It also maintained its Buy recommendation with a 2027 target price of 38.50 baht, based on a price-to-earnings ratio of 15 times, and expects a dividend yield of approximately 5.2%.
Sappe Public Company LimitedKrungsri maintains Buy and 38.50 baht target, expecting first YoY profit growth in seven quarters on revenue recovery and margin expansion
Bank of Ayudhya PCL