On Friday, the share price of Osotspa Public Company Limited (SET: OSP) in the morning session closed at THB 16.70, a THB 0.50 or 3.09% increase with a total trading value of THB 70.53 million.
Daol Securities (Thailand) stated in its analysis regarding OSP that the Republic of Kawthoolei’s declaration of independence from Myanmar does not affect the company’s operations.
On January 6, 2026, General Nerdah Mya, son of former Karen leader Bo Mya, declared the formation of a new state called the Republic of Kawthoolei and officially announced its independence from Myanmar, forming a complete government. The Republic of Kawthoolei is located near Mae Sot Province, Thailand.
The analysis team maintains a neutral view on the issue. Although OSP generates around 20% of its total revenue from Myanmar, information obtained from the company indicates that OSP’s products are mainly sold in major cities and the capital, thus unaffected by the recent developments.
Additionally, the analysts estimate that OSP’s recurring profit for 4Q25 will grow year-on-year and quarter-on-quarter. The YoY growth comes from an improved gross profit margin (GPM) and a lower ratio of selling and administrative expenses (SG&A) to sales. The QoQ growth is supported by rising domestic and international revenues.
At the same time, domestic beverage business revenue is expected to continue growing, with Myanmar revenue recovering from the previous quarter. Recovery signals have emerged since September, stemming from an increase in the number of stock keeping units (SKUs) and OSP’s cross-selling strategy, which enhances sales team productivity.
Based on these factors, analysts maintain their 2025 net profit forecast at THB 3,790 million, an increase of 131% year-on-year, and recurring profit at THB 3,495 million, up 15% year-on-year. For 2026, recurring profit is projected at THB 3,822 million, an increase of 9% year-on-year.
The analysts maintain a “Buy” recommendation and set a target price at THB 20.00, based on a 2026 core PER (Price to Earnings Ratio) of 16 times, viewing that the stock’s valuation remains attractive and has yet to fully reflect the continuous profit growth in 2025 and the expected record-high in 2026.
