บทวิเคราะห์ (Research)

TVO : Earnings Preview - Low Soybean Costs Boost 2Q25F Margins We upgrade our recommendation to "Buy" and maintain TP of THB 26.60 (previously Trading Buy), with a likelihood of upward revision to 2025F estimates driven by GPM outperformance versus previous expectations due to persistently low raw material costs. For 2Q25F normalized profit outlook, we see slightly positive trends, expecting THB 570 mn (+21% y-y, +3% q-q), supported by GPM expansion both y-y and q-q, offsetting revenue decline as soybean cost reduction exceeded the decline in average selling prices. This factor is expected to continue driving normalized profit growth in 3Q25F both y-y and q-q. We anticipate soybean prices to remain stable at low levels, around US$10-11/bushel, based on the July 2025 USDA report, which projects a record-high soybean inventory of 126 million tons.