Yuanta Securities issued an analysis stating that Osotspa Public Company Limited, or OSP, is likely to report normalized profit in the third quarter of 2026 in the range of 750 to 850 million baht, down from the previous quarter on a seasonal basis but still growing year on year. Revenue may decline due to seasonal factors and pressure on its overseas business, particularly Myanmar, which has been affected by import license restrictions and the translation of financial statements under the new accounting standard TAS21. However, the domestic business is expected to grow around 5 to 7 percent year on year, led by the energy drink, health drink, and personal care segments, driven by new product launches. Revenue from Laos and Indonesia also continues to grow on the back of expanded distribution channels and new products. Gross margin is expected at 39.5 to 40.5 percent, down from the previous quarter but still slightly higher year on year. For the fourth quarter of 2026, normalized profit is expected to return to growth both quarter on quarter and year on year, supported by the passing of the low season, the import license situation in Myanmar returning closer to normal, and the possibility of lower packaging costs. Yuanta maintained its normalized profit forecasts for 2026 and 2027 at 3.861 billion baht, up 10.3 percent year on year, and 4.12 billion baht, up 6.7 percent, respectively. It also maintained its Buy recommendation with a fair value of 21.80 baht, implying a 2026 to 2027 price-to-earnings ratio of 12.7 times and 11.9 times, and expects dividend yields of 6 to 7 percent per year.
Osotspa Public Company LimitedYuanta maintains Buy with 21.80 baht fair value and forecasts 2026 normalized profit up 10.3% YoY, an analyst valuation call on OSP.
