Brokers maintain positive outlooks on North East Rubber Public Company Limited (SET: NER) after assessing that the company’s 2Q26 performance is set to recover from the previous quarter, supported by higher rubber selling prices. This comes despite sales volume remaining stable and some pressure persisting in export markets.
Most analysts continue to recommend a “buy” rating with target prices ranging from THB 5 to THB 5.40, noting that NER is likely to benefit from high rubber price trends in the second half of the year. Only Daol Securities (Thailand) retains a “hold” recommendation, citing concerns about stagnant sales volume and risks related to export market conditions.
Yuanta Securities (Thailand) recommends “Buy” for NER with a 2026 year-end target price of THB 5.40. The securities firm estimates 2Q26 net profit at THB 327 million after factoring in approximately THB 10 million in foreign exchange losses. Core profit is expected at THB 337 million, up 10.8% from the previous quarter but down 31.2% year-on-year.
This performance is better than previously forecast because rubber prices rebounded more rapidly than the company expected. Sales volume is estimated at 110,000 tons, with total revenue of THB 7.15 billion and the gross profit margin (GPM) rising to 9.5% from 8.6% in 1Q26.
Yuanta projects that 3Q26 profit could grow both quarter-on-quarter and YoY, as selling prices may reach up to THB 70 per kilogram. 4Q26 is seen as potentially the best-performing quarter of the year. Although the 2026 full-year profit forecast was revised down by 4%, the firm still favors NER as its share is trading at a 2026 PER of just 5 times, with an expected full-year dividend yield of 6.6%.
Liberator Securities also maintains a “Buy” rating for NER, with a target price of THB 5.20. The firm expects 2Q26 performance to recover relative to the previous quarter, despite decreased sales volume, thanks to an 11% rise in average rubber selling price to THB 65 per kilogram, pushing the gross profit margin to 10% from 8.6%.
Core profit for 2Q26 is projected at THB 407 million, down 17% YoY but up 34% QoQ. Net profit is forecast at THB 387 million, declining 30% YoY but increasing 52% QoQ. The analyst firm expects NER to continue benefiting from higher selling prices for the remainder of the year.
Pi Securities also stands by a “Buy” call for NER, with a target price of THB 5.05. The brokerage firm noted that NER should see positive impacts from rising rubber prices, estimating 2Q26 net profit at THB 361 million, 35% lower YoY but 42% higher than the previous quarter, attributed to an expected 11% increase in selling price over the prior quarter.
The outlook for NER’s second half performance remains supported by high rubber prices, as such the analyst’s full-year 2026 profit forecast is maintained at THB 1,555 million.
Daol Securities (Thailand), meanwhile, maintains a “Hold” rating and cut its target price to THB 5. The securities house estimates 2Q26 core profit at THB 445 million, down 9% YoY but up 46% QoQ. Even though profit is rebounding from the previous quarter, it remains lower than expected due to slump sales volume.
Nevertheless, the average selling price has risen 11% QoQ. 3Q26 profit is projected to grow both YoY and QoQ due to higher rubber prices, although there are still risks to monitor, including Super El Niño phenomena and export market competition.
