บทวิเคราะห์ (Research)

NSL : Company update - Winning with own brands We upgrade to BUY (from Neutral), TP THB37 (from THB36) as we increase core profit by 10.1% in 2025F and 10.7% in 2026F, following 1Q25 profit growth of 34% yoy and 17% qoq (to THB171m) as NSL grew its sales (+113% yoy to THB174m) in the own brand segment that earned high gross margin. This is why we increase our sales assumptions by 7% in 2025F and 7.3% in 2026F. Additionally, we increase our gross margin assumption by 0.3ppt for both 2025F and 2026F (to 21%). We like NSL for its ability to increase its own brand sales which could potentially increase EPS growth and allow for valuation re-rating due to less reliance with CPALL.