NRF Soars 8% with Outstanding 4Q20 Earnings, Acquiring GTH to Take Advantage on Hemp Biz
NRF Soars 8% with Outstanding 4Q20 Earnings, Acquiring GTH to Take Advantage on Hemp Business.
The share price of NR Instant Produce Public Company Limited (NRF) rose ฿0.70/share or 8.43% to ฿9.00/share at the open on Tuesday with a trading value of 57.06 million baht.
Finansia Syrus Securities (FSS) recommended “Speculative Buy” on NRF after the company reported 4Q20 normalized profit at -27% QoQ but +367% YoY, in line with the expectations due to the merger with City Food. Meanwhile, the company reported a 59% increase in net profit for 2020.
Moreover, the company made a share-swap deal to acquire Golden Triangle Health Company Limited (GTH), expecting to become a leader in the industrial hemp business in Thailand for local and export with various competitive advantages.
FSS has positive outlook on the acquisition, but stating that GTH is still recording a net loss for its results, while maintaining the target price for NRF at ฿9.00/share.
