MALEE Group Public Company Limited (SET: MALEE) settled 26.5% higher on Wednesday, which is the highest level in more than four months after the company secured OEC rights to produce canned coffee under the Nescafé brand for Nestlé.
Out of the two OEM manufacturing for MALEE, production for Nescafé is already included in Krungsri Securities’ estimates. The brokerage firm maintains a positive view on MALEE from exports and OEM figures, as well as lower costs. KSS expects profit for 1Q25 to decline when compared to the same quarter in 2024, but increase from the previous quarter.
The year-on-year growth is expected to be subdued in the second quarter, but continue growing on a quarterly basis. The growth rate of MALEE is expected to be a step-up growth quarter-by-quarter.
KSS expects MALEE to report a profit of 359 million baht in 2025, representing a 16% YoY growth. The firm recommends “BUY” at a 2025F target price of THB 11.10 per share, based on PER 17x from an average of the beverage segment.
