North East Rubber Public Company Limited manufactures and sells rubber products in Thailand. Its offerings include rubber smoked sheets, skim block rubbers, mixture rubber, ribbed smoked rubber, and standard Thai rubbers, primarily for the automotive industry. The company also exports to Singapore, China, Japan, Cambodia, and India. It was incorporated in 2006 and is headquartered in Prakhon Chai, Thailand.
NER gains from export boom, EUDR rules and tight rubber supply
▲
Thai rubber exports surge, lifting NER demand Thailand's rubber exports jumped 33% in July and 23.2% in August, with NER named by brokers as a top beneficiary. Strong global demand for rubber products means NER can sell more and at better prices, directly supporting its revenue and profit.
Export growth is a core demand driver for NER's sales and was highlighted by multiple brokers.
▲
El Niño and falling Indonesian output tighten rubber supply Krungsri turned bullish on agriculture, naming NER a top pick as El Niño threatens crops and Indonesia's rubber output is set to fall from 2.0 to 1.5 million tonnes. Less supply globally pushes rubber prices higher, which means NER earns more per kilogram sold.
Supply tightness is a key force behind higher rubber prices that directly boost NER's earnings.
▲
EUDR regulation gives NER an edge in both markets The EU's new EUDR anti-deforestation rules require rubber to be traceable. NER already sells to both EUDR and non-EUDR customers, so it benefits as EU demand shifts to compliant suppliers while non-EUDR supply tightens, supporting prices in both markets.
EUDR is a new regulatory catalyst that uniquely benefits NER's dual-market customer base.
▲
NER targets 30 billion baht revenue on strong rubber prices NER's CEO said 2026 revenue should hit 30 billion baht as global rubber prices rise on tight supply and strong demand from Chinese and Indian tire makers, plus the EV trend. Higher average selling prices should lift Q3 revenue even if sales volume is limited by raw material shortages.
Company guidance confirms the positive impact of higher rubber prices on NER's top line.
Q3 2026
▲3▼1
NER Q3: Profit Surges, Dividend Paid, But Volume Target Cut
▲
Q2 Profit Surge and Dividend Q2 net profit jumped to 436 million baht from 254 million in Q1, gross margin rose to 10.24%, and an interim dividend was declared. This shows the company is making more money and sharing it with shareholders.
Directly explains improved financial performance and shareholder returns.
▲
Thai Rubber Export Rebound and EUDR Edge Thai rubber exports rebounded sharply, with NER named a top beneficiary. EUDR low-risk status for Thailand and NER’s dual-market compliance gave it a competitive edge, boosting demand and pricing power.
Highlights external demand recovery and regulatory advantage driving revenue.
▲
Tighter Supply Supports Prices El Niño and falling Indonesian output tightened global rubber supply, supporting higher prices. This helped NER achieve better margins and offset some volume challenges.
Explains favorable pricing environment from supply constraints.
▼
Volume Target Cut and Factory Delay NER cut its 2026 sales volume target to 440,000–450,000 tonnes from 500,000 and indefinitely delayed its third factory due to El Niño concerns. Lower volumes and postponed expansion weigh on future growth expectations.
Key risk factor that tempers positive profit news and affects future growth.
News & notes movingNER.BK
ThailandUnited States
NER.BK▲
Brokers Keep Positive View on Agri-Food Stocks as Rubber Hits 13-Year High, Favor TFG and GFPT
Brokers remain positive on agricultural and food stocks, with natural rubber prices up 2.8% from the previous week to a 13-year high on tight supply after heavy rain and flooding in growing areas. Sugar prices rose 1.4% on concerns over a super El Nino phenomenon, with the US Department of Agriculture expecting Thai sugar output in the 2026/27 production year to fall by about 15-17%. Domestic broiler prices held steady at 45.50 baht per kilogram, above the cost of about 37.50 baht per kilogram, and marked their highest level in more than three years since June 2023. Thai pork prices fell 5.7% from the previous week to 66.50 baht per kilogram on heavy rain and slowing purchasing power ahead of the vegetarian festival. Krungsri Securities maintains a positive view on the agricultural and food sector, picking TFG as its top long-term stock with a target price of 14.20 baht, an expected dividend yield of about 8% and quarterly dividend payments, while also highlighting TVO, STA and NER as stocks that benefit from the super El Nino theme. Pi Securities gives the meat sector a market-weight rating and picks GFPT as its top stock, with Thai chicken exports in September worth a total of about 401 million US dollars, up 6% from a year earlier.
GFPT.BK · Demand · Positive Pi Securities picks GFPT as top meat stock, with Thai chicken exports in September up 6% year-on-year to about $401 million.
TFG.BK · Capital · Positive Krungsri Securities maintains a positive view and picks TFG as its top long-term stock with a 14.20 baht target price and about 8% dividend yield.
NER.BK · Supply · Positive Natural rubber prices hit a 13-year high on tight supply after heavy rain and flooding, and NER is highlighted as a beneficiary of the super El Nino theme.
STA.BK · Supply · Positive Natural rubber prices hit a 13-year high on tight supply after heavy rain and flooding, and STA is highlighted as a beneficiary of the super El Nino theme.
TVO.BK · Supply · Positive TVO is highlighted as a stock benefiting from the super El Nino theme amid tight agricultural supply conditions.
Yuanta Picks 5 Standout Small and Mid-Caps as 3Q26 Earnings Grow Further, Led by SSP, MGC, NCAP, NER and RBF
Yuanta Securities said that within the small and mid-cap group, second-quarter 2026 earnings were outstanding and the momentum continued into the third quarter of 2026. It expects normalized third-quarter 2026 earnings to grow quarter-on-quarter at 34 of 48 companies, or 71%, hold steady at 6 companies, or 13%, and decline at 8 companies, or 17%. When weighted by earnings base, only 8 companies are expected to contract, yet they account for 28.6% of the total, particularly SC, PSH and PSP, which have high earnings bases, meaning the universe's total third-quarter 2026 earnings may not accelerate quarter-on-quarter as much as the company count suggests. Companies expected to grow both quarter-on-quarter and year-on-year number 26, or 54%, with drivers spread across six groups: seasonal factors and the high season, added production capacity or new project launches, selling price increases that support gross margins, higher commodity prices, a recovering industry cycle, and backlog awaiting delivery. As for the impact of flooding, it is assessed as limited and short-term, with 5 companies benefiting, 14 affected and 29 not significantly affected. When weighted by earnings size, the beneficiaries have an earnings base of 1,122 million baht, compared with 901 million baht for those affected. From the 48 companies screened through four filters, 27 passed all of them, and these were divided into 15 interesting stocks. Tier 1, the most interesting group, has 5 companies, ranked by score from highest to lowest: SSP, MGC, NCAP, NER and RBF.
NER expects rising rubber prices to lift 2026 revenue to 30 billion baht
North East Rubber Public Company Limited, or NER, is confident that revenue in 2026 will reach 30 billion baht, in line with its target, driven by higher natural rubber prices and tight global natural rubber supply caused by weather impacts. Chuwit Jungtanasomboon, Chief Executive Officer of NER, said demand for rubber from major tire makers in the Chinese and Indian markets and other key automobile-producing countries continues to have momentum. Growth in the automotive and electric vehicle, or EV, industries, along with the European Union's EUDR environmental regulations, are factors supporting natural rubber demand over the long term. The company estimates that in the third quarter of 2026, higher average selling prices will help support revenue, even though sales volume will be affected by raw material tightness. It will manage production across its plants in line with available raw material volumes, and will continue to monitor rubber price trends in the final stretch of 2026. If supply remains tight and demand from the tire industry keeps its momentum, there is an opportunity to further support NER's selling prices and business.
NER benefits from EUDR regulation, covering both EUDR and non-EUDR markets
North East Rubber Public Company Limited, or NER, is one of the rubber exporters with a customer base in both EUDR and non-EUDR markets, which are its main and strongly performing markets. Interest in NER shares remains unabated after the EUDR regulation in the European Union came into effect. As the EUDR-compliant goods market draws more attention, supply in the non-EUDR market will tighten accordingly, since some of the rubber demand is being diverted into the EUDR market. This will support rubber prices in the traditional market, allowing it to reap the full benefits of these factors. NER therefore stands to gain on both fronts.
NER.BK · Regulation · Positive EUDR regulation boosts demand for NER's EUDR-compliant rubber while tightening non-EUDR supply, benefiting it on both fronts.
Phillip Picks 17 Standout Stocks to Benefit from Thailand's August 2026 Exports Growing 24.3%
The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.
9105.TW · Demand · Positive Phillip Securities named CCET among standout industrial-product export stocks benefiting from Thailand's 24.3% export growth, with computers/electronics parts up 42.1%.
AAI.BK · Demand · Positive Named by Phillip Securities among standout stocks in the agro-industrial export group (pet food, canned/processed seafood) that grew in August 2026.
AMATA.BK · Demand · Positive Named among standout industrial estate stocks expected to benefit from Thailand's strong August 2026 export growth.
BGRIM.BK · Demand · Positive Named among standout utility stocks seen benefiting from Thailand's expanding exports and related industrial activity.
CPF.BK · Demand · Positive Named among standout stocks in the agricultural product export group (processed chicken, shrimp) that grew in August 2026.
DELTA.BK · Demand · Positive Named among standout industrial product export stocks (electronics/parts) that posted strong August 2026 growth.
NER to issue 3-year 9-month bonds at 4.70% interest, offered to institutions and high-net-worth investors from 29 September to 1 October
North East Rubber Public Company Limited, or NER, has filed a draft registration statement with the Securities and Exchange Commission to issue and offer unsubordinated, unsecured bonds with a call option, with a maturity of 3 years 9 months, due in 2033, carrying interest of 4.70% per annum, with interest paid every 3 months. The bonds will be offered to institutional investors and high-net-worth investors between 29-30 September 2026 and 1 October 2026 through the underwriters, namely Asia Plus Securities, KGI Securities (Thailand), Dao Securities (Thailand), Krungthai XSpring Securities, and Bluebell Securities, with Asia Plus Securities Company Limited acting as the bondholders' representative. The company intends to use the proceeds to purchase assets, invest, or as expenses in activities related to its current business operations. Meanwhile, Tris Rating has assigned a credit rating of BBB- to NER's new bond issue with a value of not more than 1.8 billion baht and a maturity of not more than 4 years. The rating of the new bond issue will replace the rating of the bond issue with a value of not more than 1 billion baht maturing within 4 years that Tris Rating announced on 20 August 2026 at the company's request, and the company's corporate rating and the rating of its current unsubordinated, unsecured bonds remain at BBB- with a Stable outlook. Tris also maintains the rating of the company's bonds guaranteed by the Credit Guarantee and Investment Facility (CGIF) at AAA, reflecting CGIF's rating of AAA/Stable as the guarantor of the company's bonds. The company reported total operating revenue of 14.4 billion baht in the first 6 months of 2026, down 11.9% compared with the same period last year, while EBITDA stood at 1.1 billion baht, resulting in an EBITDA margin of 7.4%. Operating results were slightly below Tris Rating's forecast due to high raw material costs, with prices rising approximately 30%-40% since the start of 2026 and expected to remain high throughout the year. Tris Rating expects profitability to improve in the second half of 2026 as selling prices better reflect higher raw material costs. As for financial debt in the first 6 months of 2026, it was higher than expected, with the financial debt to EBITDA ratio rising to 5.1 times, but it is expected to improve in the second half of 2026 and fall below 5.0 times. In addition, the company has postponed its plan to invest in a new plant worth 2 billion baht, originally scheduled for 2026, to wait for clarity on trade tax measures related to geopolitical conflicts, as well as the potential impact of El Niño on natural rubber supply in the market. As of June 2026, the company had total financial debt, excluding lease liabilities, of approximately 10.9 billion baht, of which approximately 4.7 billion baht was senior debt, accounting for 43% of total debt, and its net debt to equity ratio stood at 1.1 times, below the financial covenant requiring the ratio to remain below 2.5 times.
NER.BK · Capital · Neutral NER is issuing up to 1.8 billion baht of 3-year 9-month bonds at 4.70% to fund asset purchases and business activities, a financing event offset by a 11.9% revenue decline and BBB- rating.
Chao Sua Foods, XO, NER, ATLAS and SCL hint at second-half 2026 plans
Several listed companies have revealed their business direction for the second half of 2026 through earnings call activities. Chao Sua Foods Industry, or CHAO, reported first-half 2026 net profit of 10.4 million baht and a gross profit margin as high as 36.4%. CEO Napat Morin signaled an all-out push in the second half through four market-driving strategies, along with proactive cost management to keep GPM steady at 36%. Exotic Food, or XO, with CEO Jittiporn Chantarat, signaled a positive second half after absorbing the main impact of a chili stock write-off in the first half, with its key European market clearly returning to growth and the third quarter of 2026 expected to improve on the second quarter, while targeting 10% revenue growth for 2026. Northeast Rubber, or NER, with CEO Chuwit Chuengtanasomboon, announced its second-quarter 2026 results and said the board approved an interim cash dividend of 0.05 baht per share, with payment due on September 4. Atlas Energy, or ATLAS, with CEO Suwatchai Pitakwongsaporn, expressed confidence in achieving double-digit sales growth in the second half of 2026 as planned, and is pressing ahead with the JUMP+ project. S.C.L. Motor Part, or SCL, with Managing Director Sakon Tangkosakul, unveiled plans to expand its product portfolio and sales channels; it currently carries more than 200,000 auto spare parts items and is targeting 2026 revenue of 2.05 billion baht.
ATLAS.BK · Demand · Positive Atlas Energy expressed confidence in achieving double-digit sales growth in H2 2026 and is pressing ahead with the JUMP+ project.
CHAO.BK · Capital · Positive CHAO reported H1 2026 net profit of 10.4 million baht with a 36.4% gross profit margin and plans cost management to keep GPM steady at 36%.
NER.BK · Capital · Positive NER announced Q2 2026 results and its board approved an interim cash dividend of 0.05 baht per share.
SCL.BK · Demand · Positive SCL unveiled plans to expand its product portfolio and sales channels, targeting 2026 revenue of 2.05 billion baht.
Tris Rating assigns BBB- rating to NER's 1.8 billion baht debentures
Tris Rating has assigned a BBB- credit rating to the new tranche of unsubordinated, unsecured debentures of North East Rubber Public Company Limited, or NER, with a value of up to 1.8 billion baht and a maturity of up to 4 years, to be used as working capital. The new tranche will replace the rating on the previous debentures of up to 1 billion baht. Tris Rating has also affirmed the company rating and the rating on NER's existing unsubordinated, unsecured debentures at BBB- with a Stable outlook. For the first six months of 2026, NER reported total revenue of 14.4 billion baht, down 11.9% year on year, and EBITDA of 1.1 billion baht, representing an EBITDA margin of 7.4%. Profit was pressured by raw material costs that rose by around 30-40% since the start of the year, while selling prices were raised only with a delay in line with contractual terms. On leverage, the financial debt to EBITDA ratio rose to 5.1 times, and the company has postponed its plan to invest in a new factory worth 2 billion baht in order to await clarity on trade tariff measures and the impact of El Niño. As of June 2026, NER had total financial debt of 10.9 billion baht and 4.7 billion baht of debt with priority in repayment, or 43% of total debt, while the net debt to equity ratio stood at 1.1 times, below the financial covenant limit of no more than 2.5 times.
NER.BK · Capital · Negative Tris assigned a BBB- rating to NER's new 1.8bn baht debentures while noting H1 2026 revenue fell 11.9% y/y, EBITDA margin of 7.4%, and debt/EBITDA rising to 5.1x.
NER.BK · Supply · Negative Profit was pressured by raw material costs rising 30-40% since the start of the year, with selling prices raised only with a delay.
Krungsri Picks TFG as Top Stock on Rubber and Sugar Price Surge, Buy Rating with 14.20 Baht Target
Krungsri Securities said in an analysis that over the past week rubber prices rose 4.8% week-on-week on tight supply after heavy rain and flooding in Thailand and Vietnam reduced tapping, compounded by El Niño concerns and rising orders from tire makers stockpiling raw materials for the fourth quarter of 2026. Sugar prices rose 1.0% week-on-week, extending gains for a sixth consecutive week, on concerns that El Niño and wildfires in Brazil will pressure output. Soybean prices rose 0.9% week-on-week on strong Chinese demand, while crude palm oil prices fell 0.4% week-on-week after Malaysia reported a slight seasonal rise in end-month inventories. The research team rates the sector Bullish and keeps TFG as its Top pick for long-term investment, with a Buy recommendation and a target price of 14.20 baht, citing store expansion, raw material costs locked in through the third quarter of 2027, and a dividend yield of about 8% per year paid quarterly. It also sees TVO, STA and NER as the stocks benefiting most clearly from the Super El Niño theme.
TFG.BK · Capital · Positive Krungsri keeps TFG as Top pick with a Buy rating and 14.20 baht target price, citing store expansion, locked-in raw material costs, and ~8% dividend yield.
NER.BK · Demand · Positive Krungsri names NER among stocks benefiting most clearly from the Super El Niño theme amid rising rubber prices.
STA.BK · Supply · Positive Rubber prices rose 4.8% on tight supply from flooding in Thailand and Vietnam; STA is cited as a beneficiary of the Super El Niño theme.
TVO.BK · Demand · Positive Krungsri sees TVO as one of the stocks benefiting most clearly from the Super El Niño theme amid rising soybean and rubber prices.
NER benefits from rubber price recovery; broker recommends buy, expects profit to reach 1.8 billion baht
Analysts recommend a "Buy" on North East Rubber Public Company Limited (NER), with a highest target price of 6.50 baht per share, citing expectations of a strong recovery in second-half performance driven by higher rubber prices amid tight supply. NER is one of Thailand's block rubber producers expected to benefit from the EUDR measures in Europe once enforced. The company has already received EUDR rubber orders of about 2,000 tonnes and has about 10,000 tonnes ready for delivery. It targets EUDR rubber sales of about 40,000 tonnes per year, or no more than 10% of total sales volume. Current block rubber selling prices have risen to 77-80 baht per kilogram, following SICOM rubber prices hitting their highest level in over a decade. In Q3/2026, sales volume increased to about 120,000 tonnes, and GPM has a chance to stay above 10%, bringing normal profit closer to the previous peak of 619 million baht. For Q4/2026, if El Niño intensifies, sales volume may drop to about 110,000 tonnes, but it will still be supported by higher selling prices and GPM. Normal profit for the second half is expected at 1.0-1.1 billion baht, pushing full-year profit to potentially reach 1.8 billion baht, about 4% higher than estimates. Currently, NER trades at a low PER for 2026 of only 5.0 times, compared to TEGH and STA at 6.0 times and 12.7 times, respectively, offering a dividend yield of 7% per year. With a positive business outlook, the PER used in valuation is raised from 6 times to 7 times, increasing the end-2026 target price to 6.50 baht, with an upside gain of 40.1%. The "Buy" recommendation is maintained. Meanwhile, KGI Securities (Thailand) states the consensus target for NER is 5.40 baht, assessing that rubber prices have risen sharply to test a 9-year high due to El Niño. Consensus expects a dividend this year of 0.35 baht (dividend yield 7.6%). In the first half of 2026, 0.05 baht per share has already been paid, leaving 0.30 baht per share (yield 6.5%).
NER.BK · Capital · Positive Analysts maintain Buy and raise NER's target price to 6.50 baht on expected profit recovery to 1.8 billion baht.
NER.BK · Demand · Positive NER has received about 2,000 tonnes of EUDR rubber orders with 10,000 tonnes ready for delivery, targeting 40,000 tonnes/year.
RUBBER · Supply · Positive Rubber prices hit a 9-year/multi-year high amid tight supply and El Niño, lifting natural rubber values.
NER is moving full speed ahead to capture the EUDR rubber market after completing the mapping of cultivation areas. Mr. Chuwit Juengthanasomboon, Chief Executive Officer, revealed that over the past two weeks, orders for EUDR rubber from key customers in South Korea and China have been coming in continuously. The company aims to export 40,000 tons of EUDR rubber in 2027 and expects to export around 10,000 tons in 2026, as there are only about three months left before the end of the year. EUDR rubber yields a profit margin of approximately 10%, higher than regular rubber. Rubber prices remain high, with the company expecting an average price of 75 baht per kilogram for block rubber and 85 baht per kilogram for ribbed smoked sheets in late 2026. Sales for this year are already fully booked, with advance orders covering January to February 2027. For the third quarter of 2026, sales volume is expected to be similar to the second quarter at 110,000–120,000 tons. The company has not yet seen a clear impact from El Niño on rubber production.
Rubber Stocks Shine: NER–STA–STGT–TEGH Profits Recover, Second Half in Focus
Rubber-related stocks have regained attention as natural rubber prices remain favorable for profits. NER reported second-quarter 2026 net profit of 436.36 million baht, up from the previous quarter. STA swung back to profitability with first-half profit of 1.54 billion baht. STGT's profit surged 635% year-on-year, while TEGH saw profit growth of 104%. TRUBB narrowed its loss to 16.29 million baht. Global supply tightness due to weather conditions supports prices, but the second half still faces risks from costs and slowing orders.
NER Confident Rubber Prices Will Rise for 3 Years, Heavy Rain Boosts Output
NER is confident that rubber prices will trend upward and remain high for the next three years, due to declining global supply, especially from Indonesia where output has shrunk by nearly 10% as rubber trees are felled to make way for oil palm plantations. Meanwhile, heavy rain in Thailand is beneficial for rubber plantations, as it helps the soil retain moisture and keeps the trees healthy, even though tapping is temporarily halted. Mr. Chuwit Juengsombat, CEO of NER, revealed that Q3 2026 results will not fall short of targets, as forward sales contracts have already been secured. The company has also revised its 2026 sales volume target down to 440,000-450,000 tons from 500,000 tons, but maintains its revenue target of 30 billion baht and is accelerating customer base expansion in India. Meanwhile, Krungsri Securities recommends a buy with a target price of 5.30 baht.
Frontline Engineering Public Company Limited, or FLE, will begin trading its securities for the first time on the Market for Alternative Investment (mai) on September 1. The company operates in the sourcing, distribution, and rental of water pumps, as well as comprehensive water management, under the industrial products group. CEO Mr. Panu Chokapirat stated that the funds raised will be used to purchase machinery and equipment, expand production capacity, repay debt, and serve as working capital. Meanwhile, Origin Property Public Company Limited, or ORI, announced the successful sale of its 3/2569 debentures, both tranches, totaling 800 million baht, offered from August 25-27, which were fully subscribed as expected. Jubilee Enterprise Public Company Limited, or Jubilee, reported a 26.2% increase in net profit for the first half of the year compared to the same period last year. Additionally, Energy Absolute Public Company Limited, or EA, received the Outstanding Industry Award for the year 2568 in the category of Future Industry and Services. North East Rubber Public Company Limited, or NER, received the ESG100 Company certificate for the year 2569 from the Thai Institute of Directors. Thai Coconut Public Company Limited, or COCOCO, posted a first-half profit of 205.16 million baht, up 44.24%, driven by strong growth in coconut milk and pet food products in America and Europe, and is proceeding with investment through its subsidiary NOVOCOCONUT INC. in the Philippines.
COCOCO.BK · Demand · Positive First-half profit up 44.24% driven by strong growth in coconut milk and pet food products in America and Europe.
JUBILE.BK · Capital · Positive Reported a 26.2% increase in net profit for the first half compared to the same period last year.
ORI.BK · Capital · Positive Successfully sold its 3/2569 debentures, both tranches totaling 800 million baht, fully subscribed as expected.
Frontline Engineering · Capital · Positive FLE begins trading on mai on Sept 1, with IPO proceeds to fund machinery, capacity expansion, debt repayment, and working capital.
EA.BK · Regulation · Positive Received the Outstanding Industry Award for 2568 in the Future Industry and Services category.
NER.BK · Regulation · Positive Received the ESG100 Company certificate for 2569 from the Thai Institute of Directors.
NER to Sell 3-Year 9-Month Bonds with 4.7% Interest to Institutional and High-Net-Worth Investors
North East Rubber Public Company Limited (NER) has filed a registration statement with the Securities and Exchange Commission (SEC) to issue and offer unsubordinated, unsecured bonds with a call option, with a term of 3 years and 9 months, maturing in 2030, carrying an interest rate of 4.70% per annum, payable quarterly. The bonds will be offered to institutional and/or high-net-worth investors, with the subscription period from September 29-30 and October 1, 2026. The underwriters include Asia Plus Securities, KGI Securities (Thailand), Dao Securities (Thailand), Krungthai Xspring Securities, Bluebell Securities, and Asia Plus Securities will act as the bondholders' representative. The bonds and the company have been rated BBB- by TRIS Rating on August 20, 2026.
NER.BK · Capital · Positive NER files to issue 3-year 9-month bonds at 4.70% interest to institutional and high-net-worth investors, raising new financing.
Rubber stocks rally on two straight months of export growth
Rubber stocks rose against the market trend, with TRUBB up 5.83% to 1.09 baht, STA up 0.94% to 21.50 baht, and NER up 0.43% to 4.66 baht, following reports that rubber exports in July expanded for two consecutive months, +33.8% year-on-year, and +12.5% in June. Despite the first seven months still being down 9.4%. Kasikorn Securities recommends "Buy" on STA, maintaining a sales target of 1.5 million tons, and expects Q3/69 ASP at US$2.2-2.3 per kilogram. It also raised profit estimates for 2026-2028 by 40%, 16%, and 17% to 3.5, 3.4, and 3.7 billion baht, and raised the mid-2027 target price to 26.00 baht from 21.90 baht, citing tight supply from rains in Thailand and lower Indonesian output to support rubber prices.
Broker: Thai exports growing strongly, electronics and oil groups benefit
Asia Plus Securities research department stated that trade data for July 2026 showed Thai export value surged to 34,789.1 million US dollars, up 21.6% year-on-year, higher than the market expectation of 17.8%. This brings the first seven months' growth to 18.2%, and builds confidence that full-year exports will grow at a double-digit rate. Although there was a trade deficit this month, it narrowed from the previous month. Beneficiary stock groups include electronics (KCE, HANA) growing 67% on AI trends and global component demand; refined oil (PTTEP, TOP, SPRC) expanding 120%; agricultural and food products, rubber (STA, NER) up 33%; pet food (ITC, AAI) up 17%; and processed chicken still expanding well. However, risk factors from additional US semiconductor industry tariffs may impact Thai stocks such as HANA, CCET, KCE, and DELTA more in terms of negative sentiment than direct earnings impact, as Thailand is in the production chain that could face indirect shocks from slowing global goods demand.
NER adjusts portfolio to sell 70% domestically, boosting 2026 revenue to 32 billion baht
Mr. Chuwit Juengsomboon revealed a major market restructuring plan for NER, reducing the export share from 80% to 30% and shifting to 70% domestic sales. This is due to Chinese tire factories relocating to Thailand to avoid the 50% increase in US import tariffs, benefiting NER through domestic sales to these factories. Meanwhile, the company is accelerating its penetration into the Indian market, which currently accounts for 5% or over 1 billion baht in value, aiming to increase this to 15% by raising production capacity by another 10% to a total of 560,000 tons to meet such demand. The company is also developing blended rubber to avoid China's 17% import tariff and rubber for EVs, which wear out 10% faster than regular vehicles. It is postponing European market expansion and the plan for a third factory due to limited production capacity and a slowing global economy. The rise in rubber prices from 40 baht to 70 baht per kilogram supports performance, with Q1 2026 expected to be the trough and Q4 the peak, aligning with the 2026 revenue target of 32 billion baht.
NER secures BBB- credit rating, plans to issue 1 billion baht debentures
TRIS Rating has assigned a rating of BBB- to the new senior unsecured debentures of North East Rubber Public Company Limited (NER), with a total issue size not exceeding 1 billion baht and a tenor of no more than 4 years. The proceeds will be used as working capital. The company's corporate and existing debenture ratings are affirmed at BBB- with a stable outlook. Debentures guaranteed by CGIF remain rated AAA. The company reported revenue of 14.4 billion baht in the first half of 2026, down 11.9%, due to higher raw material costs of 30-40% which pressured margins, but expects a recovery in the second half. Debt to EBITDA rose to 5.1 times, higher than expected, but is expected to decline below 5 times in the second half. The company has postponed its new plant investment plan worth 2 billion baht pending clarity on trade tariffs and the impact of El Niño.
TQR second quarter 2026 profit surges 48 percent with interim dividend
TQR reported second quarter 2026 net profit up 48.07 percent from the same period last year, and its board approved an interim cash dividend of 0.203 baht per share, with the XD date on 24 August 2026 and payment on 4 September 2026. Thai Eastern Group Holdings received a perfect score of 100 points at the excellent level for the third consecutive year in the 2026 annual general meeting quality assessment. Supalai received a perfect score of 100 points at the excellent level for the fourteenth consecutive year. Samo Thong Group posted second quarter 2026 revenue up 2.48 percent to 3.52 billion baht. North East Rubber announced an interim cash dividend of 0.05 baht per share, with the XD date on 20 August and payment on 4 September.
NER pays 0.05 baht dividend, sees bright second half
Northeast Rubber Public Company Limited, or NER, announced an interim cash dividend of 0.05 baht per share after its board approved the payment. The stock will trade excluding dividend on 20 August 2026, with payment on 4 September 2026. Chief Executive Officer Chuwit Jungtanasomboon said during the earnings call that the second-half performance outlook remains positive, supported by continued growth in global natural rubber demand, a key factor underpinning consistent growth and shareholder returns.
NER Maintains Revenue Target of 30 Billion Baht Despite Lower 2026 Sales Volume Forecast
Krungsri Securities stated that NER has lowered its 2026 sales volume target to 440,000 tonnes from 450,000 tonnes due to the impact of El Niño on rubber output, but has maintained its revenue target at approximately 30 billion baht, flat year-on-year, as higher selling prices offset the volume shortfall. For 2027, the company targets sales volume of 400,000 tonnes, down 10 percent year-on-year, amid persistently tight rubber supply, yet keeps its revenue target steady at around 30 billion baht, expecting higher average selling prices to compensate for lower volumes and support gross margin expansion. On the fundraising front, the company may seek loans or issue debentures in late 2026 to early 2027 to accommodate rising raw material costs, focusing primarily on cash flow management and not on capacity expansion in a tight supply environment. As of the second quarter of 2026, the company's debt-to-equity ratio stood at 1.1 times, and it maintains a full-year dividend payout ratio of 40 percent, with an interim dividend of 0.05 baht per share declared, representing a yield of 1.1 percent for the first half, with the XD date set for 20 August 2026. Krungsri Securities maintains a buy recommendation and a 2027 target price of 5.30 baht, with a neutral view on NER, as positives from higher selling prices and improving gross margin trends are offset by concerns over potentially higher interest expenses from fundraising, which are not yet factored into current estimates and remain uncertain in both amount and timing. For the third quarter of 2026, normalised profit is expected to recover both year-on-year and quarter-on-quarter, driven mainly by rising rubber selling prices, while gross margin is likely to expand due to the lag between immediate selling price increases and the slower adjustment of weighted average inventory costs.
GULF reports record-high operating profit of 12.3 billion baht in Q2 2026
Gulf Energy Development Public Company Limited, or GULF, reported a record-high operating profit of 12.3 billion baht in the second quarter of 2026, up 74% from the same period last year, driven by its energy business and share of profit from ADVANC. In the second half, it plans to start commercial operation of an additional 700 megawatts of power plants and targets 12-15% growth in total revenue and EBITDA this year. ADVANC announced a second-quarter 2026 profit of 13.7 billion baht, up 25%, with its 5G user base surpassing 19.7 million and an interim dividend of 8.69 baht per share. TRUE is still awaiting clarity on the China Mobile issue. OR swung to a loss of over 1.77 billion baht in the second quarter of 2026 due to inventory valuation losses from falling global oil prices, even though revenue grew to 205 billion baht and Cafe Amazon achieved record sales of 117 million cups. MEDEZE reaffirmed its leadership in stem cell banking with international standards. NER is confident that third-quarter 2026 results will recover in line with rubber prices, despite cutting its sales volume target to 440,000-450,000 tons while maintaining its 2026 revenue target of 30 billion baht. KUN reported first-half revenue of 278 million baht, up 40%, driven by demand for detached houses priced at 5 million baht and above. TEKA reported a 66.8% surge in first-half 2026 profit to 40.46 million baht, with revenue exceeding one billion baht. SYNEX announced a second-quarter 2026 net profit of 224 million baht, up 17.8%, and an interim dividend of 0.10 baht per share, with the XD date set for August 19. PCE is confident that the palm oil industry will be supported by global palm prices and B7-B20 policies. TMI is accelerating resolution of power plant issues and sustaining its lighting equipment business. SPVI is unfazed by Apple's iPhone price adjustments, noting that it supports margins through selling price adjustments. POLY is benefiting from TOYOTA's sales dominance in the Thai auto market, pushing the revenue share of its automotive group past 60%. ALPHAX is expanding into the Lao financial sector with digital transformation and AI. AURA is preparing to offer its first bond issuance of 2026 to expand its gold ornament sale-with-repurchase portfolio.
GULF.BK · Capital · Positive Record-high operating profit of 12.3 billion baht, up 74% YoY.
ADVANC.BK · Capital · Positive Q2 profit up 25% to 13.7 billion baht, with 5G users surpassing 19.7 million and interim dividend.
KUN.BK · Demand · Positive KUN reported first-half revenue up 40% driven by demand for detached houses priced at 5 million baht and above.
OR.BK · Capital · Negative Swung to a loss of over 1.77 billion baht due to inventory valuation losses from falling oil prices.
SYNEX.BK · Capital · Positive SYNEX announced a second-quarter 2026 net profit of 224 million baht, up 17.8%, and an interim dividend of 0.10 baht per share.
TEKA.BK · Capital · Positive TEKA reported a 66.8% surge in first-half 2026 profit to 40.46 million baht, with revenue exceeding one billion baht.
NER cuts rubber sales target to 440,000–450,000 tonnes but keeps revenue goal at 30 billion baht
Northeast Rubber Public Company Limited, or NER, has lowered its natural rubber sales volume target for 2026 to 440,000 to 450,000 tonnes, down from 500,000 tonnes, after assessing supply and market risks. However, it is maintaining its full-year revenue target at 30 billion baht, supported by higher global rubber prices. The gross profit margin in the second quarter improved to 10.24 percent from 8.62 percent in the first quarter, and the company expects it to remain in the 9 to 11 percent range in the second half. The company has decided to postpone construction of its third factory indefinitely due to concerns over the impact of the El Niño phenomenon, which could reduce rubber output in the first three quarters of 2027. It is also pushing into new export markets in India to replace the increasingly saturated markets of China and Singapore.
NER Q2 profit beats forecast by 33%, broker maintains target at THB 5.60
Northeast Rubber Public Company Limited, or NER, reported a second-quarter 2026 normalised profit of 447 million baht, up 47.2 percent from the previous quarter and 33 percent above analyst expectations. Net profit came in at 436 million baht. Total revenue was 7.144 billion baht, roughly in line with forecasts. Although sales volume fell to 108,000 tonnes, gross margin improved to 10.2 percent from 8.6 percent in the first quarter. Selling and administrative expenses declined due to a lower share of export revenue. The company announced an interim dividend of 0.05 baht per share, with the XD date set for 20 August. Yuanta Securities' research team expects third-quarter profit to continue growing both quarter-on-quarter and year-on-year. It maintains its full-year 2026 normalised profit estimate at 1.73 billion baht and keeps a target price of 5.60 baht, with a buy recommendation.
NER expected to strengthen in second half, research team sets fundamental target at 4.86 baht
Land and Houses Securities stated that NER, a major upstream natural rubber producer with over 70% focus on the domestic market, expects core profit in the second quarter of 2026 at 425 million baht, up 67.2% from the previous quarter but down 23.2% from a year earlier, supported by a gross margin recovery to 10.2% on an average selling price of 65 baht per kilogram and lower SG&A expenses from reduced CESS and freight costs. The outlook for the second half of 2026 remains strong, with the average selling price expected to rise another 5 to 6%, supporting gross margin above 10%, along with an expansion of the customer base to major tire manufacturers in India to diversify risk. The research team forecasts 2026 profit at 1.632 billion baht, down 0.1% from the previous year, despite a 2.5% revenue decline on a 6.0% drop in sales volume, cushioned by higher selling prices, an increased domestic market share, and lower SG&A. The research team initiates a buy recommendation with a target price of 4.86 baht per share, based on a PER of 5.5 times, and still offers a dividend yield of around 8%.
EU classifies Thailand as low-risk under EUDR, boosting STA, NER, TRUBB
The European Union has classified Thailand as a low-risk country under the EU Deforestation Regulation, or EUDR. This means rubber importers from Thailand are eligible for Simplified Due Diligence and face random inspections at a rate of just one percent, which is lower than Indonesia and Malaysia. The move enhances the competitiveness of Thai rubber and rubber product exports while elevating the sustainability image of Thai goods. However, Thailand still needs to accelerate the development of traceability systems and smallholder farmer data to comply with the new rules. Kasikorn Securities noted this is positive for the rubber sector and exporters such as Sri Trang Agro-Industry, North East Rubber, and Thai Rubber Latex Group, as they stand to maintain their European market share and improve competitiveness under the new EUDR.
Thai exports surge 20.8% in June, brokers highlight five stock groups set to benefit
The Trade Policy and Strategy Office of the Ministry of Commerce reported that Thai exports in June 2026 reached 34.66 billion dollars, up 20.8 percent from the same month last year, extending growth for a 24th consecutive month and exceeding market expectations of 13.7 to 15.2 percent. Meanwhile, imports totaled 41.19 billion dollars, rising 50.3 percent, resulting in a June trade deficit of 6.53 billion dollars. For the first half of the year, exports amounted to 196.74 billion dollars, up 17.6 percent, and imports reached 228.49 billion dollars, up 38.0 percent, leading to a cumulative trade deficit of 31.74 billion dollars. Analysts at Yuanta Securities noted that the stronger-than-expected exports and the deficit are factors weighing on the currency, and highlighted five stock groups poised to benefit: rubber, which returned to growth of 12.5 percent after 14 months, supporting STA, NER, and TEGH; processed chicken, supporting GFPT, TFG, and CPF; pet food, which continued to grow 22.3 percent for a tenth straight month, supporting ITC and AAI; canned seafood, which resumed expansion at 17.5 percent, supporting TU; and electronic components, which accelerated growth, supporting SMT, CCET, KCE, and HANA.
Phillip Securities says 12.5% US tariff has limited impact on Thai stocks, advises watching electronics
Phillip Securities stated that the US has announced a new round of tariff hikes under Section 301, with Thailand facing a rate of 12.5%, which is higher than the previous global tariff of 10% under Section 122 that expires today. This is seen as negative sentiment for the SET Index, especially for export-oriented stocks, but the impact is expected to be limited because many key Thai export items are likely to be exempted under Annex II, particularly in the electronics sector. These include communication equipment with export value of 11 billion dollars, computer storage units at 5.2 billion dollars, and portable computers at 4.2 billion dollars, out of Thailand's total exports to the US of 72 billion dollars. Meanwhile, the rubber, processed seafood, and pet food sectors are likely to be affected. The base case assessment is that it will impact ITC's net profit by only 120 million baht, reducing the 2026 base price from 19.40 baht per share to 18.70 baht per share. TU is similarly affected due to a smaller proportion of exports to the US. For the rubber sector, companies like NER, STA, TEGH, and TRUBB face negative sentiment from potentially lower domestic rubber demand if tire competition in the US market becomes more difficult.
ITC.BK · Tariff · Negative Article states 12.5% US tariff will reduce ITC's net profit by 120 million baht and lower base price.
TU.BK · Tariff · Negative US 12.5% tariff under Section 301 negatively affects Thai exports; TU is mentioned as similarly affected due to smaller US export proportion.
NER.BK · Tariff · Negative Article says rubber sector faces negative sentiment from potentially lower domestic rubber demand due to US tariff.
STA.BK · Tariff · Negative Article says rubber sector faces negative sentiment from potentially lower domestic rubber demand due to US tariff.
TEGH.BK · Tariff · Negative Article says rubber sector faces negative sentiment from potentially lower domestic rubber demand due to US tariff.
TRUBB.BK · Tariff · Negative Article says rubber sector faces negative sentiment from potentially lower domestic rubber demand due to US tariff.
Four brokers say NER benefits from global rubber price uptrend, supporting standout second-half performance
Four brokers have assessed shares of North East Rubber, or NER, setting target prices between 5.00 and 5.40 baht per share, with most recommending a buy. They expect second-quarter 2026 earnings to recover from the previous quarter, supported by higher rubber selling prices. Yuanta Securities Thailand gives a target price of 5.40 baht, forecasting second-quarter normalised profit at 337 million baht, up 10.8 percent from the prior quarter but down 31.2 percent from a year earlier. Selling prices recovered faster than expected, lifting gross margin to 9.5 percent from 8.6 percent in the first quarter. Liberator Securities sets a target of 5.20 baht, projecting normalised profit of 407 million baht, a 34 percent increase from the previous quarter. Pi Securities gives a target of 5.05 baht, estimating second-quarter net profit at 361 million baht, up 42 percent from the prior quarter. Dao Securities Thailand maintains a hold recommendation and lowers its target to 5.00 baht, estimating second-quarter normalised profit at 445 million baht, up 46 percent from the previous quarter but still below expectations due to slowing sales volume. Most brokers expect continued growth in the second half, driven by high rubber prices. Yuanta forecasts a full-year dividend yield of 6.6 percent, while Pi keeps its full-year profit estimate at 1.555 billion baht.
GUNKUL Signs PPAs for 3 Additional Projects with Total Capacity of 57.2 MW
Naruechon Damrongpiyawut, Chief Executive Officer of Gunkul Engineering, revealed that a subsidiary has signed power purchase agreements for three additional renewable energy projects with a total capacity of 57.2 megawatts, adding to the long-term revenue backlog and reinforcing the growth of the clean energy business as planned. Meanwhile, Chuwit Jungthanasomboon, Chief Executive Officer of Northeast Rubber, sees a positive second-half outlook from strong natural rubber demand in China and India, while global output is constrained by weather, keeping rubber prices likely to remain stable at appropriate levels. The company is therefore moving forward with tight cost and inventory management, targeting revenue of 32 billion baht in 2026. Pipat Sutthiwisesak, Chief Operating Officer of Kethis Bioethanol under Kaset Thai International Sugar Corporation, disclosed that the company has signed a contract to produce 99.95% pure alcohol for the Excise Department's Liquor Organization, marking another important step in expanding the business into the food, beverage, and pharmaceutical markets, increasing opportunities to generate revenue from value-added products in the future. Julia W. Petchpaisit, Chief Executive Officer of Panel Plus Matic Solutions, is confident that performance will begin to recover from the third quarter onward after the new factory reaches full capacity, enhancing production capability, with plans to penetrate the data center, medical business, and cleanroom markets to create a new S-curve, targeting revenue of 400 million baht within three years. Piti Tantakasem, Chief Executive Officer of TMBThanachart Bank, revealed that in the first half of 2026, the bank posted a net profit of 10.683 billion baht, with asset quality remaining stable and non-performing loans flat for seven consecutive quarters, while also completing a share buyback deal one year ahead of schedule, helping to enhance long-term shareholder returns. Chalerm Harnpanich, Chief Executive Officer of Bangkok Chain Hospital, disclosed that the company has signed a memorandum of understanding with Ratchavej Ubon Ratchathani Company Limited to study the feasibility of investing in expanding the hospital network to Ubon Ratchathani province, serving patients in the area, the lower northeastern region, and neighboring countries, with a conclusion expected within the third quarter. Finally, BCPG reported that electricity sales volume in the second quarter of 2026 declined due to scheduled maintenance shutdowns of natural gas power plants in the United States. However, the renewable energy business in Thailand and Laos still helped support the overall picture well, from hydropower, solar, and the Monsoon wind project, which began recognizing full-quarter revenue, reflecting that the revenue base from renewable assets continues to play an important role in driving the company's growth.
GUNKUL.BK · Demand · Positive Signed PPAs for 3 additional renewable projects totaling 57.2 MW, adding to revenue backlog.
KTIS.BK · Demand · Positive Signed contract to produce 99.95% pure alcohol for Excise Department's Liquor Organization, expanding into food, beverage, and pharmaceutical markets.
NER.BK · Demand · Positive Strong natural rubber demand from China and India, with constrained global output supporting stable prices.
PANEL.BK · Supply · Positive New factory reaching full capacity enhances production capability, targeting new markets (data center, medical, cleanroom).
TTB.BK · Capital · Positive Reported net profit of 10.683 billion baht in first half of 2026 with stable asset quality.
NER targets 2026 revenue of 32 billion baht on strong global tyre demand
Northeast Rubber, or NER, has set a 2026 revenue target of 32 billion baht, supported by sustained strong demand for natural rubber in the tyre industry, especially in China and India, despite global economic uncertainty. Chief Executive Officer Chuwit Jungthanasomboon said the company will continue to manage costs and inventory efficiently while hedging raw material risks to cope with market volatility, using a matching order strategy to align raw material purchases with product sales. Meanwhile, natural rubber output in several countries remains constrained by erratic weather and the El Niño phenomenon, keeping rubber prices at levels conducive to business operations.
Thailand
