บทวิเคราะห์ (Research)

NER reported a 2Q25 net profit (NP) of THB554m, down 8% q-q but up 17% y-y, on lower revenue to THB7.6b, up 31% y-y, in line with BB consensus and our estimate, driven by strong sales in domestic market to offset weaker sales overseas. EBITDA was THB707m, up 5% y-y and EBITDA margin dipped to 9.3%, down from 11.6% in 2Q24. Interest expense dipped to THB137m, down 24% y-y. Core net profit was THB492m, down 17% q-q but flat y-y. We maintain Buy and our TP of THB6.4, based on 5x 2025E P/E, reflect the pending risk of US tariff that NER could pass through to its customers who export their products to U.S. market. We anticipate rubber demands to return to its normal level in 2H25, potentially driving up global rubber price higher.