First Read Thai Consumer Sector: Thai Bev considering sale of KFC business

研报英文原文证据摘录

First Read Thai Consumer Sector: Thai Bev considering sale of KFC business

Global Research

20 July 2026ab

First Read

EquitiesThai Consumer Sector

Thai Bev considering sale of KFC business Thailand

Retail

Permada Darmono

Potential sale of KFC operation Analyst

According to Bloomberg, Thai Bev is considering a sale of its Kentucky Fried Chicken permada.darmono@ubs.com

(KFC) franchise business. Thai Bev is the largest KFC franchisee in the country by number +65-6495 3137

of stores with just over 500 KFC restaurants according to the company's own brand site Sukrit Friestad

and recent media reports. There are three franchisees of KFC in Thailand: QSR of Asia Analyst

Co. Ltd (QSA, subsidiary of Thai Bev) with ~500 outlets; Central Restaurants Group sukrit.friestad@ubs.com

under Central Plaza Hotel (Centel) with ~350 stores; and Restaurants Development Co +662-613 5732

(backed by India's Devyani International) with ~250 stores. According to Euromonitor, Alex Manoonpol

KFC operated 1,175 stores in Thailand at the end of 2025 and generated a revenue of Analyst

Bt29.7bn (US$882mn). This gives a per store revenue estimate of Bt25.3mn per year alex.manoonpol@ubs.com

(~US$750k) or revenue estimate of US$375mn for Thai Bev's KFC operation. While the +662-613 5770

other franchise operators would be natural bidders for the operation, Yum International Bernice Chew

has previously articulated that it wants more than two franchise operators in Thailand. Analyst

Thai Bev was reportedly interested in acquiring the 274 outlets now operated by Devyani bernice.chew@ubs.com

+65-6495 3507back in 2023 but was unable to secure the deal due to Yum's preference for multiple

operators, according to an article by Bangkok Post. Mark Sriskulpinyo

Associate Analyst