R&B Food Supply Public Company Limited

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.

R and B Food Supply Public Company Limited, or RBF, is benefiting indirectly from the Cabinet's resolution approving a reduction in the funding ceiling previously approved for the Thai Chai Thai Plus (60/40) program and approving an additional two-month extension of the Thai Chai Thai Plus (60/40) program for October to November 2026, from its previous end date this September, at a rate of 1,000 baht per person. Mr. Suranart Kittirattanadech, Chief Accounting and Finance Officer of RBF, told Thanhoon that the program will help support demand from participating food operators and benefit the company's order volume. The latest revenue structure came from the flour and sauce group at about 49.54%, the flavoring and food coloring group at approximately 32.82%, and the dried products group at another 6.00%. As for the second-half 2026 performance trend, the company expects it to be close to the first half, supported by overseas markets in both India and Indonesia. Meanwhile, its project to expand production capacity for breadcrumbs and Food Coating premix in the People's Republic of China, with an investment of about 150 million baht, is in the site preparation stage, with trial runs and applications for permits from the Chinese government expected, and commercial operations targeted for 2027. Analysts at Finansia Syrus Securities Public Company Limited recommend buying RBF shares with a target price of 6.50 baht, expecting third-quarter 2026 results to grow from the same period last year on a low base, and estimating 2026 profit to grow more than 49% from the previous year to about 644 million baht.

R and B Food Supply Public Company Limited, or RBF, expects its operating results in the second half of 2026 to continue growing from the same period last year, driven mainly by outstanding growth in overseas markets across Vietnam, Indonesia, and India, which has steadily expanded the share of revenue coming from abroad. Dr. Somchai Rattanapumphinyo, Chief Executive Officer, said the company is focusing on its core product groups with high potential and strong profitability, particularly the Flavour and Food Coating segments, while strengthening its position in Indonesia and India to reach customers more comprehensively. Company director Lt. Col. Dr. Janjida Rattanapumphinyo discussed the plan to expand production in China, saying the company is investing 150 million baht to build a factory and install machinery for producing breadcrumbs and premixes in the Food Coating group. Construction is expected to be completed around the end of 2026, followed by trial runs and applications for permits from the Chinese government, so that commercial operations can begin in 2027. Meanwhile, the Indonesian factory is preparing space to meet rising demand, and the Vietnamese factory has adjusted its production plan to support exports to the Cambodian market, helping raise capacity utilization more efficiently. The company is confident that its overall business performance in 2026 will grow better than in 2025, supported by orders both at home and abroad.

Yuanta Securities maintains a "Buy" recommendation on RBF, with preliminary Q3 2026 normal profit estimated at 160-170 million baht, flat to slightly up quarter-on-quarter and showing strong year-on-year growth, driven by robust overseas revenue, especially in India which grew 50% after the factory opening. Domestic revenue is recovering thanks to the Thai Help Thai Plus project and easing oil prices. Gross margin is expected at 38%, flat to slightly higher. The research department maintains its 2026 normal profit forecast at 598 million baht, up 35.5%, and 2027 at 669 million baht, up 11.8%, reaching a new high. The end-2027 fair value is 6.80 baht, implying PER of 16.4 times and 14.7 times, respectively. It also notes the stock offers a dividend yield of approximately 4% per year.

Shares of R&B Food Supply Public Company Limited, or RBF, rose 3.06% to 5.05 baht after Finansia Syrus Securities Public Company Limited, or FSS, issued a research report forecasting strong third-quarter 2026 profit growth from the same period last year, and stable to slightly higher from the previous quarter, supported by overseas revenue and the recovery of the Food Coating business in Thailand. FSS expects RBF's 2026 net profit to be 644 million baht, up 49% from the previous year, and sees a bright medium-to-long-term outlook from business expansion in India, Vietnam, and China, with the Food Coating plant in China expected to start operations in the first quarter of 2027. Therefore, FSS maintains a "Buy" recommendation with a target price of 6.50 baht.

R&B Food Supply Public Company Limited (RBF) is confident that revenue in the third quarter of 2026 will continue to grow, while accelerating expansion into foreign markets. Revenue from overseas in the first half grew by 15.45%, while its subsidiaries in Vietnam and Indonesia have already reached breakeven. The company is also moving forward with expanding its production base in China, with commercial production expected to begin in the second quarter of 2027. In the second quarter of 2026, the company posted a net profit of 160.61 million baht, up 65.84% from the same period last year, and revenue from sales and services of 1,097.04 million baht, up 3.15%, supported by a 19.84% increase in overseas sales. For the first half, the company's total net profit was 297.23 million baht, up 47.67%, with total revenue of 2,182.55 million baht, up 3.25% from the same period last year.

Finansia Syrus Securities stated that R&B Food Supply Public Company Limited, or RBF, posted second-quarter 2569 net profit of 161 million baht, up 13.6% from the previous quarter and 66.4% from the same period last year. The result was 7% above the research team's forecast and marked the highest level in nine quarters, supported by lower-than-expected expenses and tax rate. Total revenue grew 1.1% from the previous quarter and 3.1% from the same period last year. Overseas revenue grew strongly by 9.7% from the previous quarter and 19.8% from the same period last year, fully offsetting domestic revenue which declined 1.6% from the previous quarter and 1.5% from the same period last year. Gross margin was 38.3%, stable at a healthy level and up from 35.1% in the second quarter of 2568, reflecting an improved product mix as the revenue share from the flavor segment rose to 34.3%, the highest level in twelve quarters. Total expenses fell 6.4% from the previous quarter and 0.5% from the same period last year, bringing the selling and administrative expense-to-revenue ratio down to 22.7% from 24.5% in the first quarter of 2569 and 23.5% in the second quarter of 2568, returning to the company's target range as planned. The effective tax rate declined to 7.6% from 10.0% in the first quarter of 2569 and 19.7% in the second quarter of 2568, driven by greater use of BOI privileges at the sauce plant in Thailand and increased utilization of accumulated tax losses at the plants in Indonesia and Vietnam after both facilities began generating profits. For the first six months of 2569, RBF reported net profit of 303 million baht, up 49.6% from the same period last year, representing 51% of the research team's full-year profit forecast. Finansia Syrus expects second-half 2569 profit to be stable to improving compared with the first half, supported by the full-quarter impact of the Thai Chuay Thai program, the entry into the high season for export customers in the third quarter of 2569, and hotter weather from the onset of El Nino, while beverage customers plan to launch more new products in the second half. The research team maintains its 2569 net profit forecast for RBF at 597 million baht, up 38.4% from the previous year, and keeps a buy recommendation on RBF shares.

R&B Food Supply reported second-quarter net profit of 160.61 million baht, up 65.84% from the same period last year, driven by overseas sales rising 45.89 million baht, or 19.84%, especially in flavour and colour ingredients and powder and sauce segments. Revenue from sales and services was 1.097 billion baht, up 3.15%. Domestic sales fell 12.42 million baht, or 1.49%, due to slowing consumer purchasing power. For the first six months, net profit totalled 297.23 million baht, up 47.67%, and total revenue was 2.183 billion baht, up 3.25%, helped by corporate income tax exemption for flavour and taste products.

Finansia Syrus Securities has raised its target price for R&B Food Supply Public Company Limited, or RBF, to 6.00 baht, while forecasting a second-quarter net profit of 151 million baht, up 56% from the same period last year. The growth is supported by orders from both food and beverage customers, as well as the Thai Chuay Thai measures and hot weather. The research team also slightly raised its net profit estimates for 2026 to 2028 by 2.0 to 2.6%, reflecting higher gross margin assumptions, and expects a 2026 net profit of 604 million baht, growing 40.0% from the previous year.

R&B Food Supply Public Company Limited, or RBF, views the baht's depreciation as an indirect positive for order trends, since most of its customers are exporters. At the same time, the company has invested about 150 million baht to build a new factory in Qingdao, China, as part of its plan to expand production bases overseas. Construction is expected to be completed within 2026, with commercial production starting in 2027. Currently, the proportion of revenue from abroad stands at around 20 percent. In addition, RBF is continuing to expand into markets in Indonesia, Pakistan, India, Vietnam, and South Korea. It also noted that the Thai Chuay Thai Plus project is another positive factor, and that the Middle East situation has not affected raw materials because it has stockpiled them in advance. For 2026, the company expects performance to grow continuously from 2025, with first-quarter revenue of about 1.08 billion baht and profit of approximately 141.93 million baht.