Yuanta Securities (Thailand) has noted in its analysis that Srinanaporn Marketing Public Company Limited (SET: SNNP) reported a normalized net profit of THB 130 million for the third quarter of 2025, remaining flat quarter-on-quarter (QoQ) and declining 20.7% year-on-year (YoY), in line with the firm’s expectations.
Total revenue came in at THB 1,377 million, down 0.8% QoQ and 0.9% YoY. This was driven by:
1) Domestic revenue of THB 1,134 million, which was stable both QoQ and YoY despite sluggish consumer purchasing power. SNNP maintained sales through higher marketing expenditures.
2) Overseas revenue at THB 242 million, decreasing by 8.2% QoQ due to customers delaying orders amid economic slowdown concerns. However, overseas sales grew 3.9% YoY, supported by a low base from last year during which the company restructured its distribution network in Vietnam.
Gross profit margin (GPM) stood at 30.0%, as expected, rebounding QoQ thanks to higher revenue from the confectionery segment, which carries higher margins compared to beverages.
Selling, general, and administrative expenses (SG&A) to sales ratio was 19.5%, rising both QoQ and YoY, and exceeding the previous estimate of 18.5%. This was due to marketing costs being higher than projected.
Looking ahead, SNNP’s earnings in 4Q25 are preliminarily expected to recover QoQ, entering the high season and benefiting from the government’s economic stimulus measures.
Yuanta maintains its estimate and fair value for SNNP at THB 10.30 per share and reiterates a “Trading” recommendation until clearer signs of a recovery emerge.
