บทวิเคราะห์ (Research)

3Q25 normalized profit was B1.2bn (as expected), falling 20%yoy and 4%qoq. THB appreciation (Fx impact) weakened sales. Although Frozen seafood sales grew (rising demand for frozen shrimp in the US and Feed segment) and Petcare sales grew (increasing purchase orders), OEM purchase orders in Ambient Seafood business decreased. Gross margin decreased. Ambient Seafood margin decreased due to U.S. tariffs hike and higher raw tuna price (higher cost), and Petcare margin decreased from a high base in 3Q24 due to tariff support to customers