Thai beverage

Research evidence excerpt

Thai beverage

Macquarie Equity Research

12 May 2026

Consumer

Food, Beverage & Tobacco

ASEANThai beverage

Selective beverage for the summer

Key Points WarasireeKengradomying

• Thai Help Thai stimulus budget of Bt170bn (4x of phase 1) is likely

to support domestic consumption, while hot weather also boosts

beverage sales. Figure 1 - Thai beverage TP and

recommendation

• Rising input costs and weak pricing power may start to pressure Stock Rec Close price TP TSR

margins amid soft demand and intense competition. (Bt) (Bt) (%)

CBG N -> OP 40.50 46.0 17%• Upgrade CBG as top pick for beverage sector on strong market share

gains, tailwinds from stimulus and hot climate. OSP OP 14.50 22.0 -> 18.0 29%

COCOCO OP -> UP 5.60 9.2 -> 4.4 -18%

SAPPE N -> UP 29.75 32.0 -> 26.0 -10%

• Domestic tailwind from stimulus and hot weather. Thailand’s beverage Source: Macquarie Research, May 2026

sector outlook remains mixed in FY26 as government stimulus measures

and hotter weather conditions should support domestic beverage Figure 2 - FY25 Revenue contribution

consumption, particularly across traditional trade channels and mass- from domestic and export

market products.

• Rising raw material with limited pricing power. We see downside risks 100%

as rising raw materials, packaging, freight and energy costs are likely to 80%

continue pressuring sector margins, while weak purchasing power and 60%

intense price competition may limit the ability for producers to fully pass 40%

through higher costs.

• Prefer domestic over export. We expect a wider divergence between 20%

winners and losers this year, favouring players with strong domestic 0% CBG OSP SAPPE COCOCO

exposure, scalable distribution networks, and better positioning in the Domestic Export

value-for-money segment.