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Taokaenoi Food & Marketing (TKN), a seaweed snacks producer, dropped more than 13 per cent on Tuesday, after posting a 34.8-per-cent decline year-on-year in its first-quarter net profit to 55.9 million baht.
The stock was trading at 7.95, with a transaction value of 485 million baht as of 11.38 am.
“Revenue from sales in international markets decreased from the major market in China and in the domestic market from the disappearance of tourists,” said Jirapong Suntipiromkul, Deputy Managing Director.
The company recorded an overall sales revenue of 919.9 million baht, down 17.1 percent from the previous year. Domestic sales stood at 392 million baht while international sales were 527.9 million baht.
TKN’s core revenue from the market in China decreased by 48 per cent year-on-year from the ongoing container shortage, and restrictions to expand products distributor channels, said Jirapong.
Analysts at Asia Plus Securities said on the research note that the current market situation would pressure both of the company’s domestic and international sales before recovering from the low base level in the second half of the year.
The target price of TKN, according to Asia plus, is at 11 baht per share.