On Wednesday at 11:33 AM (Bangkok time), the share price of Thai Coconut Public Company Limited (SET: COCOCO) jumped by 17.80% or THB 1.05 to THB 6.95, with a trading value of THB 105.88 million.
Malee Group Public Company Limited (SET: MALEE) added 6.14% or THB 0.35 to THB 6.05, with a trading value of THB 50.19 million.
Sappe Public Company Limited (SET: SAPPE) gained 8.55% or THB 2.50 to THB 31.75, with a trading value of THB 42.01 million.
Yuanta Securities (Thailand) noted that the share prices of SAPPE and COCOCO have risen due to three main factors: 1) the heatwave in Europe, 2) a significant 7% drop in global sugar prices on Tuesday, with prices remaining steady today, and 3) signs that coconut prices are starting to decline.
Additionally, SAPPE is trading at a relatively low 2025 price-to-earnings ratio of just 9 times and has an ongoing share buyback program. The analyst recommends a ‘Buy’ rating on SAPPE.
Meanwhile, Krungsri Securities (KSS) highlighted that the shares of IFBH Ltd., a Thai coconut beverage company under the IF brand, have jumped 56% above their IPO price since listing in the Hong Kong Exchange, with a premium 2025F PER of 28x (based on 50% growth).
This provides a positive sentiment for the valuations of MALEE and COCOCO. Currently, COCOCO is trading at 7 baht per share with MALEE at 6 baht, reflecting 2025 PERs of 13.7x and 8.6x, respectively. The brokerage firm maintains a ‘Buy’ recommendation on MALEE with a 2025 target price of 11.1 baht, based on a PER of 17x, which is in line with the beverage sector average.
