On Wednesday, the share price of Exotic Food Public Company Limited (SET: XO) closed at THB 18.70, a THB 0.90 or 5.06% increase with a total trading value of THB 5.7 million.
Globlex Securities (GLOBLEX) has released an analysis on XO, projecting second quarter 2025 revenue to reach approximately THB 600 million. The forecast is buoyed by around THB 40 million in backlog orders carried over from 1Q25, as well as increased orders from the United States ahead of an anticipated tariff hike on Thai imports.
However, the report cautions that XO’s gross margin may weaken due to a stronger baht, which could pressure profits. The firm expects 2Q25 profit to show quarter-on-quarter growth but remain lower year-on-year, as revenue rebounds from the previous quarter yet still decelerates on a yearly comparison.
Despite these mixed signals, Globlex has upgraded its recommendation on XO from “Hold” to “Buy,” and revised a target price to THB 18.60. The upside to the current share price is estimated at around 25%, thanks to early signs of revenue recovery in 2Q25 and an attractive valuation.
