บทวิเคราะห์ (Research)

TVO : Earnings Result - 2Q25 Net Profit Beats Expectations We have a "Positive" view on TVO's 2Q25 net profit of THB 648 mn (+18%y-y, +21% q-q), which exceeded both our and market expectations by +38%/+35% respectively, driven by GPM of 16.1% - the highest in 17 quarters - as soybean prices, the primary raw material cost, declined. For 3Q25F momentum, we expect normalized profit to increase y-y and q-q from continued raw material cost reduction. Currently, soybean prices are at 6-month lows, with potential for estimate revisions following clearer business trend insights from the analyst meeting. Additionally, an interim dividend of THB 0.80 per share (yield 3.4%) will go ex-dividend on August 22, 2025. We maintain our Buy recommendation with TP THB 26.60.