Daily Brief Thailand: R&B Food Supply PCL and more

• Market Leader Facing Margin Headwinds: R&B Food Supply (RBF) is a dominant food ingredient supplier in Thailand, poised to benefit from positive long-term industry trends. However, the company has experienced recent gross and net margin compression, a key concern for profitability.
• Overseas Expansion Driving Growth: While the domestic Thai market provides a stable base, future growth is heavily reliant on the successful expansion into high-growth ASEAN markets, particularly Vietnam and Indonesia, where the company has demonstrated strong initial traction.
• Contrasting Fundamentals and Market Performance: Despite consistent top-line growth and positive operating cash flow, the company’s market capitalization has seen a significant decline over the past three years, suggesting market concerns over profitability, valuation, and competitive pressures.

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