บทวิเคราะห์ (Research)

TKN : Earnings Result - Profit decline from soft sales and gross margin In 2Q25, TKN reported net profit of THB86m (-68% yoy and -12% qoq) which was 23% lower than Bloomberg consensus. The soft profitability was caused by soft sales, affected by lower demand in the international markets (56% revenue contribution). Despite this, we upgrade to NEUTRAL (from Reduce) and maintain TP at THB6.00 and all estimates. We believe the soft outlook from international sales and high seaweed prices should be within our estimates as 1H25 core profit accounted for 38% of our 2025F core profit estimate.