XO Surges 7% after Executive Eases Concerns with Affirmation of Record High in Performance

Mr. Jittiporn Jantarach, Managing Director of Exotic Food Public Company Limited (mai: XO), gave an interview with “Kaohoon” on Wednesday following the 12% slump of share price a day prior over the report of sales from one major shareholder of the company, which raised concerns to the market. Later, it was reported that the executive is Mr. Jantarach’s father, who sold four million shares.

Mr. Jittiporn explained in the interview that the shareholding, either by himself or his family, in Exotic Food Public Company Limited is an individual matter for that person. He added that, from his point of view, the selling of shares by his father was for him to use the funds on certain things, or in this case for land purchasing.

Mr. Jittiporn elaborated that in 2019, his father also sold six million shares of XO, causing the price to drop in a similar way as it happened yesterday. Therefore, he affirmed shareholders to ease concerns from the slump of price and showed confidence in XO’s topline to reach its target in Q4/2023 for around 800 million baht. 

The price of XO, on 27 December 2023 at 12:01 pm, was at THB 24.20, increasing by 7.08% or THB 1.60. 


Earlier this month, TISCO Securities wrote in its research, expecting Exotic Food Public Company Limited to reach a new high of business performance in Q4/2023 as the export to North America expanded into Modern Trade, and its forecast had been adjusted to 19% in 2023 and 15% in 2024. The estimation of net profit in 2023 jumped to 143% YoY to THB 827 million from the export to both existing and new clients across continents and its price adjustment methods. 

The export forecast that took a leap was North America in 2023, which surged 850% YoY and increased 20% in 2024. The Gross Margin forecast in 2023 is 47.6% and 48.2% in 2024, growing along the revenue in both quantities and prices. Most costs were ingredients from chili, sugar, and garlic, which increased much slower compared to gains in revenue. While most costs were fixed depreciation costs, it led to an economy of scale.

XO is widely known as the Thai producer and distributor of seasoning products, i.e. chili sauce and dipping sauce. The company reported a satisfying 3Q23 earnings with 260% growth in net profit at Baht 248.15 million. The increase was mainly due to higher sales in the third quarter as well as an increase in gross profit margin.

The MD also told “Kaohoon” in an interview in November that the original plan of XO is to build a new production plant next year, which is expected to be complete and ready by the end of 2025. However, there is overflowing demand for XO’s products to the point that orders could overwhelm its production capacity.

Due to this reason, Mr. Jittiporn stated that the company is making another plan to expand its production line within the existing plant in Amata Industrial Area with an investment of 200 million baht.

With this addition to XO’s current line up, the MD expected to add about 1,000 million baht in revenue annually, based on one work shift. This is expected to be completed by the end of next year, which is one year ahead of its original plan for the new production plant.