On Wednesday, the share price of Osotspa Public Company Limited (SET: OSP) at the time of 11:21 a.m. was at THB 17.30, a THB 0.80 or 4.85% increase with a total trading value of THB 362.71 million.
Phillip Securities (Thailand) estimates that OSP will post a 3Q26 normalized profit of THB 823 million, down 25% quarter-on-quarter due to a seasonal revenue slowdown and compressed margins from higher costs, while growing 17.9% year-on-year.
Net profit is projected at THB 873 million, down 20.6% QoQ but up 24.7% YoY, supported by a non-recurring gain of approximately THB 50 million from the sale of legacy plant equipment following production consolidation.
Total sales are expected to decline from the previous quarter due to seasonal factors, but will maintain low single-digit growth from the same period a year earlier. Domestic beverage operations are anticipated to slow slightly QoQ as energy drink sales remained flat due to flood impacts in September. However, the functional beverage segment maintains strong momentum, driven by double-digit YoY expansion in vitamin drinks.
Meanwhile, the domestic personal care business continues to grow at a double-digit rate, led by the Babi Mild and Ultra Mild product lines, with particularly strong expansion in e-commerce channels. Overseas markets remain under pressure from Myanmar due to import licensing restrictions and foreign exchange impacts. Excluding Myanmar, however, other international markets achieved double-digit growth.
Gross profit margin is estimated at approximately 40.5%, contracting QoQ due to rising costs, but improving YoY on operational efficiency gains and plant centralization.
Phillip maintains its 2026 full-year net profit forecast of THB 3,844 million, up 4.8% YoY. Accumulated net profit for the first nine months of 2026 is projected at THB 3,130 million, representing 81.4% of the full-year target. The brokerage rolled forward its target price to 2027 at THB 21.10, compared with the reference price of THB 16.50 cited in the report—representing an upside of 27.9%—while maintaining a “Buy” rating.
