บทวิเคราะห์ (Research)

(EN) NSL: Acquiring new assets We downgrade NSL to NEUTRAL but keep TP at Bt35. The share price has surged 31% in the past month but their fundamentals have not changed. NSL has proposed to acquire (1) Jus Cool and COCO COOL brands from NB Value Link (NB) for Bt150m, and (2) 90% of Pro Natural Foods (PFL) which produces coconut and baby corn products. This is a positive move but they would take time to bear fruit, which is why we are keeping our earnings forecast and TP.