ASL Securities estimates that in 2026, North East Rubber Public Company Limited (SET: NER) will achieve a net profit of approximately THB 1.81 billion, an increase of about 3.2% compared to the previous year’s normal operating profit.
The securities company also expects NER 2026 revenue will reach approximately THB 31.85 billion, a 5.3% increase from the prior year. This is supported by rubber sales volume of around 490,000 tons and an average selling price of about THB 65 per kilogram.
The gross profit margin (GPM) is projected to stand at 9.8%, slightly higher than last year’s 9.7%, aligning with the likelihood that the average selling price will increase compared to the previous year. This is expected to be driven by the weather phenomenon El Niño, which is anticipated to impact rubber production during the second half of 2026.
The selling and administrative expenses to sales ratio (SG&A/Sales) is expected to be stable at around 2.3%, and the company’s financial expenses are estimated at approximately THB 552 million.
ASL Securities projects a 2026 average fair value for NER shares at THB 5.50 per share, reflecting the view that the company’s performance still has growth potential in line with the price trends of rubber and demand from the industrial sector.
