XO Gains 15% after Posting a 122% Rise in 1Q21 Profit, Analyst Recomm. “BUY” 

The share price of Exotic Food Public Company Limited (XO) rose ฿2.30/share or 14.74% to ฿17.90/share in the morning session on May 17, with a trading value of 326 million baht. 

 

Xo’s price reached its all-time high since entering the stock exchange in August 2014 after reporting a 122% rise in 1Q21 net profit to 104.85 million baht. Such increase stemmed from increase in revenue from sales of sauces and condiments in Europe and gross profit margin.

 

Capital Nomura Securities (CNS) stated XO’s operating results in 1Q21 were higher than market expectation by 10%, thus recommending Speculative-Buy with a target price of ฿17.80/share.

CNS raised its earnings outlook for the fiscal years 2021-2023 by 15%. This year’s net profit would be 379 million baht, up 19% year on year. However, performance in 2Q21 is likely to slow down compared to the first quarter, but remain stable year over year. In the long-run, CNS is positive toward XO as demand in Europe is gradually recovering, thanks Covid-19 vaccine widely available throughout the region.