NRF Moves Up 4% in Anticipation of Recording Higher Profit in 2020 from “City Food”

The share price of NR Instant Produce Public Company Limited (NRF) rose ฿0.30/share or 4.41% to ฿7.10/share with a trading value of 184 million baht as of 10:30 local time on Thursday.

 

LH Securities (LHS) expected 4Q20 to be the best quarter for NRF, which would contribute its 2020 net profit to 145 million baht, representing an increase of 180% from the previous year. Meanwhile, LHS estimated the company to record a net profit of 251 million baht in 2021, an increase of 73% from the projection of 145 million baht in 2020.

The security company will record higher revenue from its acquisition of City Food, starting December, while utilizing the funding from IPO for debt payment. The analyst recommended “BUY” at a target price of ฿8.30/share.