OSP : OSP Is Losing Market Share in Thailand

OSP : Maintain Its Premium Products Strategy

OSP : Expect the Lowest Earnings Since Listed in 3Q22

OSP: OSP Is Aiming to Launch Cannabis Related Products in 1H22

OSP: Solid Performance Among COVID-19 Pandemic

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Osotspa Public Company Limited / Equity Bottom-Up

<ul>
<li>Maintain HOLD recommendation for OSP with a target price of Bt32. We expect the company to report 2Q22 net profit at Bt576m, the lowest level since listed</li>
<li>Expect strong earnings recover QoQ in 2Q22 We expect OSP to post 2Q22 net profit of Bt576m (-30%YoY, -23%QoQ),mainly pressured by OSP’s energy drinks sales in Thailand that dropped 10%YoY </li>
<li>Cloudy3Q22earnings outlook We expect the company’s earnings to remain flat QoQ,YoY at the lowest level due to low season quarter (rainy season) and higher marketing expense from new products launch.</li>
</ul>


Maintain HOLD recommendation for OSP with a target price of Bt32. We expect the company to report 2Q22 net profit at Bt576m, the lowest level since listed
Expect strong earnings recover QoQ in 2Q22 We expect OSP to post 2Q22 net profit of Bt576m (-30%YoY, -23%QoQ),mainly pressured by OSP’s energy drinks sales in Thailand that dropped 10%YoY 
Cloudy3Q22earnings outlook We expect the company’s earnings to remain flat QoQ,YoY at the lowest level due to low season quarter (rainy season) and higher marketing expense from new products launch.


OSP : Expect the Lowest Earnings Since Listed in 2Q22