Supachoke Bumrungpun, Chief Financial Officer of Srinanaporn Marketing Public Company Limited (SET: SNNP), disclosed to “Kaohoon” that the operating results for 4Q25 are expected to show higher sales than the previous quarter as the Vietnamese market has recovered significantly after of the flood in the capital and other cities has subsided, alongside improved efficiency in distribution management.
In Thailand, the market is also recovering well, with sales forecast to grow at a low single-digit rate, approximately 2-3% quarter-on-quarter, due to the sales season which boosts consumer spending. However, compared to the same period last year, sales are expected to decline due to flooding in Southern Thailand, resulting in lost sales for about one month, valued at around THB 30 million.
For the full-year outlook of 2025, the company estimates that total sales will remain stable or may slightly decline from 2024, which had total sales of around THB 5.9 billion, due to a slowdown in the domestic market. In the first nine months of 2025, total sales reached about THB 4.3 billion.
Supachoke added that for 2026, the company aims for 5-9% sales growth over 2025, driven by strategies to promote its major product lines—snack products under the Bento brand and ready-to-drink beverages under the Jele brand—coupled with cost and expense management to maintain profitability.
Innovest X Securities maintains a “Neutral” recommendation (equal weight to the market) for SNNP stock with a 2026 target price of THB 8.30 per share (down from THB 9.40) and a target PER of 12.3 times (-2SD). Although the stock has upside, it is expected to be pressured by weak 2025 earnings.
The brokerage estimates 4Q25 total revenue at THB 1,577 million, up 11% quarter-on-quarter, but down 5% year-on-year, with net profit in 4Q25 forecast at THB 155 million, growing 19% quarter-on-quarter but decreasing 8% year-on-year.
4Q25 sales are expected to recover compared to the previous quarter, thanks to consumption stimulus from the Half-Half Plus program. However, the floods in the South are projected to depress total sales by about THB 30 million per month. Overseas sales, especially in Vietnam, are expected to show noticeable year-on-year and quarter-on-quarter growth to THB 200-220 million, due to improved supply chain management with local partners.
For 2025, estimates remain unchanged, with downside risk primarily from flooding. The current forecast is lower than SNNP’s own target; thus, including the assumption that November 2025 flooding will dampen overall revenue growth—originally set at low single-digit growth—the 2025 estimate is total revenue of THB 5,777 million, down 3% from the previous year’s THB 5,948 million, with 76% from domestic sales and 24% from overseas sales (which declined by 15%). Net profit for 2025 is projected at THB 585 million, down 10% from THB 651 million in 2024.
In 2026, SNNP will focus on its core brands in each product group and periodically launch new products to reinforce brand presence. The company targets high single-digit continuous revenue growth, though consumption is expected to recover slowly, with estimated revenue at THB 5,979 million (3% growth). After adjusting SG&A expense assumptions upward, net profit is projected to be THB 610 million, up just 4%.
