บทวิเคราะห์ (Research)

OSP is expected to report a 4Q24F normalized profit of Bt696mn (+18% YoY, +4% QoQ), driven by strong international sales (+15% YoY, +15% QoQ), particularly in Myanmar. Domestic beverage sales should recover QoQ with the company’s energy drink market share rising to 45.3% in October-November, from 44.8% in 3Q24. After years of headwinds, OSP’s 2025F net profit is expected to grow 7% YoY to Bt3.33bn, supported by improved sales mix, premiumization, and expansion into new market segments. With earnings bottoming out and a lagging share price, we upgrade our rating to Outperform, from Neutral, with a 2025 target price of Bt25.50, from Bt25.25.