The share price of Exotic Food Public Company Limited (mai: XO) jumped more than 20% in the morning session on Tuesday as analysts are expecting the company to post better performance in the second quarter this year.
XO closed the morning session at THB21.70 per share, increased THB3.20 or 17.30%. The price was up as much as 21% to THB22.40 per share during the morning session.
The management revised the 2023 revenue target up to 1.75 billion baht from 1.60 billion baht.
Globlex Securities wrote in a noted late May, expecting XO to continue reporting a better performance in the second quarter of 2023, supported by having new distributors in the U.S., Canada and Mexico that have continuous purchasing orders. Meanwhile, orders from Europe showed better-than-expected recovery.
Gross profit margin is expected to increase as the company has its cost for several ingredients fixed to mid-2024.
Globlex Securities estimated net profit for XO this year at 496 million baht, up 34% YoY. The estimate was also a revision from the 369 million baht Globlex made earlier.
The current trading price is already above Globlex Securities’ target price of THB18.70 per share.
