First Read: Osotspa PCL "Premiumization drives growth; margins resilient" (Buy)

研报英文原文证据摘录

First Read: Osotspa PCL "Premiumization drives growth; margins resilient" (Buy)

Global Research

19 May 2026ab

First Read

EquitiesOsotspa PCL

Premiumization drives growth; margins resilient Thailand

Food Retailers & Wholesalers

12-month rating Buy

Top-line growth supported by premiumization and new product launches

We attended Osotspa's analyst briefing today. Management maintained its FY26 top- 12m price target Bt17.00

line growth target of mid-single-digit growth supported by continued premiumization

and new product launches focused on health and wellness. In terms of channel,

Price (19 May 2026) Bt15.00

convenience stores remain a key growth driver across energy drinks, functional

beverages, and personal care. The company continues to execute a tiered pricing RIC: OSP.BK BBG: OSP TB

strategy (THB10/12/15+) while pushing higher-margin SKUs such as Lipo and the newly Trading data and key metrics

launched M-150 Sparkling, a zero-sugar premium product targeting younger

52-wk range Bt19.50-13.80

consumers at Bt20. Gross margin for the full year is expected to be above last year's

Market cap. Bt45.1b/US$1.38b

40% despite near-term input cost risks, supported by favorable mix, pricing discipline,

Shares o/s 3,004m (ORD)

and procurement optimization. SG&A-to-sales was guided to stay flat vs last year given a

tightly controlled budget with clear ROI framework, although marketing is shifting back Free float 71%

toward on-the-ground activation (events, music) to rebuild brand engagement. Avg. daily volume ('000) 12,317

Avg. daily value (m) Bt186.8

Myanmar disruption near term, further investment to unlock growth Common s/h equity (12/26E) Bt16.9b

Internationally, management remains constructive despite short-term disruptions, P/BV (12/26E) 2.7x