บทวิเคราะห์ (Research)

TVO : Key takeaways from the analyst meeting Maintain BUY recommendation with revised TP to THB 30.00 (from THB 26.60). We have a "Positive" view on information received from the analyst meeting, given the outlook for abundant global soybean supply, providing positive benefits for low raw material costs in 2H25F. This leads to a +52% upward revision in 2025F profit forecast to THB 2,763 mn (+37% y-y). We expect 2H25F normalized profit momentum to increase y-y and h-h, with 4Q25F anticipated to deliver the best normalized profit of the year from vegetarian festival and New Year demand boosting soybean oil consumption, positively impacting both revenue and GPM. Interim dividend of THB 0.8/share (3.2% yield) goes ex-dividend Aug 22, 2025.