Osotspa Public Company Limited manufactures and distributes energy drinks and personal care products in Thailand and internationally. It operates through three segments: Beverage, Personal Care, and Others. Its beverage brands include M-150, Lipo, Som in Sum, M-Sport, Shark, White Shark, C-Vitt, Peptein, Calpis Lacto, One Day Vitamins, and HANGster, while its personal care brands include Babi Mild, Twelve Plus, Exit, Kilane, OLE, and Banner. The company was founded in 1891 and is based in Bangkok, Thailand.
Osotspa gains on record Q2 profit and Thai stimulus boost
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Record Q2 profit and margin Osotspa's Q2 net profit rose 8.9% to 1.1 billion baht, with gross margin hitting a record 42.8% on better production efficiency and cost control. First-half profit jumped 14%, and the company paid an interim dividend of 0.45 baht per share. This shows the business is becoming more profitable, which supports a higher stock price.
This is the most direct and company-specific positive news, showing actual financial improvement.
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Thai stimulus extension boosts domestic demand The government extended the Thai Chai Thai Plus co-payment scheme by two months, injecting about 70 billion baht into the economy. Osotspa is named as a top beneficiary because it sells many drinks through small shops that accept the scheme. More spending means more sales for Osotspa.
This is a new government policy that directly increases demand for Osotspa's products.
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El Niño heat wave to lift beverage sales Brokers recommend buying beverage stocks ahead of a likely super El Niño from late 2026 to early 2027, which could bring hotter and drier weather to Thailand. Hot weather typically makes people drink more, benefiting Osotspa's beverage sales. This is a forward-looking demand boost.
This is a new weather-related catalyst that could increase beverage consumption.
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Myanmar labour MOU supports border trade A new MOU extends employment for over four million Myanmar workers in Thailand and aims to boost bilateral trade. Osotspa is listed as a beneficiary of recovering border trade, which could help its international business. However, Western sanctions on Myanmar remain a risk that could pressure valuations.
This is a new agreement that could improve Osotspa's regional trade and labour conditions.
Q3 2026
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Osotspa gains on record Q2 profit and Thai stimulus boost
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Record Q2 profit and margin Osotspa's Q2 net profit rose 8.9% to 1.1 billion baht, with gross margin hitting a record 42.8% on better production efficiency and cost control. First-half profit jumped 14%, and the company paid an interim dividend of 0.45 baht per share. This shows the business is becoming more profitable, which supports a higher stock price.
This is the most direct and company-specific positive news, showing actual financial improvement.
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Thai stimulus extension boosts domestic demand The government extended the Thai Chai Thai Plus co-payment scheme by two months, injecting about 70 billion baht into the economy. Osotspa is named as a top beneficiary because it sells many drinks through small shops that accept the scheme. More spending means more sales for Osotspa.
This is a new government policy that directly increases demand for Osotspa's products.
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El Niño heat wave to lift beverage sales Brokers recommend buying beverage stocks ahead of a likely super El Niño from late 2026 to early 2027, which could bring hotter and drier weather to Thailand. Hot weather typically makes people drink more, benefiting Osotspa's beverage sales. This is a forward-looking demand boost.
This is a new weather-related catalyst that could increase beverage consumption.
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Myanmar labour MOU supports border trade A new MOU extends employment for over four million Myanmar workers in Thailand and aims to boost bilateral trade. Osotspa is listed as a beneficiary of recovering border trade, which could help its international business. However, Western sanctions on Myanmar remain a risk that could pressure valuations.
This is a new agreement that could improve Osotspa's regional trade and labour conditions.
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DBS Vickers Securities maintains Buy on OSP with 20 baht target after premium toothpaste tie-up with Yunnan Baiyao
DBS Vickers Securities issued a research note taking a positive view of Osotspa Public Company Limited, or OSP, after it announced a strategic partnership with Yunnan Baiyao to distribute premium toothpaste in Thailand. OSP will take on both the role of distributing the products in Thailand and serving as a production base through its Greensville factory to export to a total of six overseas markets. The research team said the partnership will help raise the utilization rate of the Greensville factory and increase revenue from distribution. Based on information in the osotspa delivery, the toothpaste is priced at 249 baht per tube. The Thai toothpaste market is worth 12 billion baht, growing an average of 6.3% per year, split into 75% through modern trade, 20% through traditional trade and 5% online. Competitors in the premium toothpaste market include Dentiste, Oral-B, Sensodyne, Fluocaril and Sparkle. The research team maintained its 2026E normalized profit forecast at 3.68 billion baht, up 5% year on year, and if the 2025 base year is adjusted under TAS 21, 2026E normalized profit would grow 53% year on year, while for 2027E it estimates normalized profit at 3.954 billion baht, up 8% year on year. It maintained its Buy recommendation and its target price of 20.00 baht, based on a 2026E core PER of 16x.
OSP.BK · Demand · Positive OSP partners with Yunnan Baiyao to distribute premium toothpaste in Thailand and produce for six export markets, adding distribution revenue and lifting Greensville factory utilization.
000538.CS · Demand · Positive Yunnan Baiyao's premium toothpaste gains distribution in Thailand and export reach via OSP's Greensville factory under the partnership.
Foreign investors buy Thai stocks net 52.682 billion baht, boosted by fund flows and Meta's new AI model
Foreign investors returned to buying Thai stocks, with net purchases of 52.68226 billion baht from the start of the year through September 22, comprising 6.60989403 trillion baht in buys and 6.55721177 trillion baht in sells. In September alone, net buying reached 1.31328 billion baht, from 626.56138 billion baht in buys and 625.24810 billion baht in sells, marking the highest foreign buying in two months and making the Thai stock market the most sought-after in ASEAN. The supporting factor came from Meta's launch of a new AI model with higher processing efficiency, offered free of charge, which the market expects will extend its advertising business and accelerate demand for AI CAPEX, benefiting Thai component stocks, especially DELTA and HANA. Meanwhile, Infra Tech stocks drew support from the NBTC's proposal for a data center board to set new investment criteria, including requiring operators to have power purchase agreements and water supply certificates, to use domestic materials no less than 50%, and to add sustainability requirements. This is expected to boost industrial estate stocks such as AMATA and WHA, power stocks such as GULF, BGRIM and GUNKUL, bank stocks such as KBANK, KTB, KKP and BBL, as well as contractor stocks such as STECON, PYLON and INSET. At the same time, the Cabinet meeting approved extending the Thai Help Thai Plus 40/60 Phase 2 project by another 2 months, from October 1 to November 30, 2026, with a total budget of 42.69 billion baht, and approved an additional 700 baht per person in product purchase credit for state welfare cardholders for October only, bringing the total injection to 1,000 baht per person. This measure is expected to benefit retail stocks such as CPAXT, BJC and CPALL, as well as consumer goods stocks such as CBG and OSP, in a second-round effect.
META · Technology · Positive Meta launched a new AI model with higher processing efficiency, expected to extend its advertising business and accelerate AI capex demand.
DELTA.BK · Demand · Positive Meta's new free AI model expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially DELTA.
HANA.BK · Demand · Positive Meta's new free AI model is expected to accelerate AI CAPEX demand, benefiting Thai component stocks especially HANA.
AMATA.BK · Regulation · Positive NBTC's proposed data center board criteria (power purchase agreements, domestic materials, sustainability) is expected to boost industrial estate stocks like AMATA.
CBG.BK · Demand · Positive Cabinet's Thai Help Thai Plus 40/60 extension and welfare-card credit injection expected to benefit consumer goods stocks like CBG.
CPALL.BK · Demand · Positive Stimulus measures expected to benefit retail stocks such as CPALL.
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Osotspa partners with Yunnan Baiyao to launch Yunnan Baiyao toothpaste in Thailand
Osotspa Public Company Limited, or OSP, has announced a strategic partnership with Yunnan Baiyao, or YNBY, a leading health care and oral care brand from China, and the launch of Yunnan Baiyao toothpaste in Thailand. Osotspa will take on both the domestic distribution of the toothpaste and manufacturing through Greensville for export to overseas markets. The partnership is part of Osotspa's Premiumization strategy in its Health Care product group. Yunnan Baiyao selected Greensville as its manufacturing base after evaluating more than 10 factories in Thailand, Malaysia and Singapore. Greensville has already produced more than 600,000 tubes of Yunnan Baiyao toothpaste for export, covering six markets: Vietnam, Singapore, Malaysia, Hong Kong, the United States and Canada. For the Thai market, three premium fluoride toothpaste formulas will be launched: Gum Care, Enamel Repair and Shining White, in 105-gram sizes at a recommended price of 215 baht, going on sale through Osotspa e-commerce from September 20 and through Lotus's, Big C, Tops and Watsons. Ms. Sutipa Panyamahathap, Chief Executive Officer of the Home and Personal Care and Health Care business group at Osotspa Public Company Limited, said the partnership reflects Osotspa's capabilities that go beyond being a distributor. Mr. Ming Tang, Chief Executive Officer of YNBY International Limited, said Thailand is a key market for YNBY International and still offers clear growth opportunities, especially in the premium toothpaste market.
000538.CS · Demand · Positive Yunnan Baiyao expands its toothpaste into Thailand via Osotspa distribution and Greensville manufacturing, extending its overseas market reach.
OSP.BK · Demand · Positive Osotspa partners with Yunnan Baiyao to distribute and manufacture Yunnan Baiyao toothpaste in Thailand and export markets, adding a new premium product line.
Asia Plus says CBG and ICHI stand out most from Thailand's Thai Chai Thai Plus Phase 2 stimulus
The research team at Asia Plus Securities said the beverage stocks expected to benefit most from the cabinet's extension of the Thai Chai Thai Plus Phase 2 measure, which adds another 1,000 baht per person over two months from October to November 2026, is CBG, which derives about 70% of revenue from traditional domestic retail channels. Next come OSP and ICHI, with revenue shares of about 40%. SAPPE and COCOCO are likely to see fairly limited gains because most of their revenue comes from overseas markets. For the beverage group's third-quarter 2026 results, the team initially expects nothing exciting, as this is the low season for domestic sales due to the rainy season, while export revenue is lackluster because of Myanmar's import regulation problems and coconut water sales in the Chinese market continue to contract. However, the research team expects the group's profit to grow both quarter on quarter and year on year in the fourth quarter of 2026, driven by domestic sales that should accelerate on seasonal factors and government economic stimulus measures. The research team maintains an equal-weight investment rating on the beverage group, based on normal profit growth of 11% year on year for both 2026 and 2027, and picks CBG and ICHI as top stocks because they are expected to benefit most from the Thai Chai Thai Plus measure and are seen posting stronger profit momentum than the group in the second half of this year. CBG is supported by continued growth in domestic energy drink sales, rapid expansion of revenue from contract manufacturing of the LoveZa beverage brand, and revenue from helping distribute alcoholic beverages for others, which tends to be high during the year-end festival season. ICHI will be supported by additional production capacity from its Honchuan partner coming on stream in the fourth quarter of 2026, along with continued strong growth in alkaline water sales.
CBG.BK · Demand · Positive CBG derives ~70% of revenue from traditional domestic retail channels, so it benefits most from the Thai Chai Thai Plus Phase 2 stimulus adding 1,000 baht per person.
ICHI.BK · Demand · Positive ICHI is picked as a top stock expected to benefit most from the Thai Chai Thai Plus measure, with ~40% of revenue from domestic retail channels.
OSP.BK · Demand · Positive OSP is named as a next-tier beneficiary of the Thai Chai Thai Plus Phase 2 stimulus with about 40% of revenue from domestic retail channels.
COCOCO.BK · Demand · Neutral COCOCO's gains from the stimulus are fairly limited since most revenue comes from overseas, and coconut water sales in China continue to contract.
SAPPE.BK · Demand · Neutral SAPPE is likely to see fairly limited gains from the stimulus because most of its revenue comes from overseas markets.
DBS Vickers says 6 stocks to benefit from Thai Help Thai Plus scheme heading to Cabinet on Sept 22
The Ministry of Finance is preparing to submit the Thai Help Thai Plus scheme to the Cabinet meeting on September 22, 2026, seeking approval for more than 30 million existing eligible recipients. The scheme will use the remaining budget from the 400-billion-baht emergency loan decree for the energy crisis, which still has roughly 40,000 to 50,000 million baht left. The measure grants 1,000 baht for two months under the same 60-to-40 ratio as before, while state welfare cardholders will receive a top-up of 700 baht, combined with the normal 300 baht entitlement, totaling 1,000 baht per month. The benefits can be used from October 1, 2026 to November 30, 2026. An analysis by DBS Vickers assesses the measure as slightly positive, with the Thai Help Thai Plus amount close to the previous estimate of 1,000 baht per two months, while the state welfare card top-up is more generous than the earlier expectation of 700 baht but for only one month. It views the stocks benefiting most in terms of domestic revenue proportion as NEO with a target of 31.00 baht, CBG with a target of 67.00 baht, and OSP with a target of 20.00 baht. For the food and beverage group benefiting from higher domestic consumption, these include CBG, with domestic branded own revenue at 35% of total revenue; OSP, with domestic beverage revenue at 66% of total revenue; SAPPE, with domestic revenue at 27% of total revenue; and SNNP, with domestic revenue at 79% of total revenue, split into 65% modern trade and 35% traditional trade. For the consumer goods group, these include NEO, with domestic revenue at 92% of total revenue, and OSP, with domestic personal care revenue at approximately 12% of total revenue.
CBG.BK · Demand · Positive DBS Vickers names CBG among stocks benefiting most from the Thai Help Thai Plus stimulus boosting domestic consumption, with 35% of revenue from domestic branded own sales.
NEO.BK · Demand · Positive DBS Vickers names NEO as benefiting most from the scheme, with 92% of revenue from domestic sales, making it highly leveraged to the consumption boost.
OSP.BK · Demand · Positive DBS Vickers names OSP among top beneficiaries, with 66% of revenue from domestic beverages and ~12% from domestic personal care, exposed to higher consumption.
SAPPE.BK · Demand · Positive DBS Vickers lists SAPPE in the food and beverage group benefiting from higher domestic consumption, with 27% of revenue from domestic sales.
SNNP.BK · Demand · Positive DBS Vickers lists SNNP in the food and beverage group benefiting from higher domestic consumption, with 79% of revenue from domestic sales.
KGI upgrades Thai beverage sector to Outperform, picks CBG as top 4Q26 pick
KGI Securities has raised its investment rating on Thailand's beverage sector to Outperform from Neutral, selecting CBG as its sole top pick for 4Q26, followed by OSP and ICHI. The research team views the recent share price decline as an opportunity to re-accumulate, as pressure from higher raw material costs following escalating US-Iran tensions and the low season in 3Q26F are only short-term factors that will not affect medium-term margins. The research team expects combined 2H26F earnings for the sector to grow both HoH and YoY, led by CBG, while 3Q26F core earnings should still grow YoY on revenue growth and good cost control at OSP and ICHI. Demand for Thai beverages remains mixed, with energy drinks growing 2.6% YoY in the year to June 2026 versus +1.8% in March, while ready-to-drink tea contracted 2% versus -6%, and the research team expects both categories to continue contracting YoY in 3Q26F but at a slower rate. After 3Q26F, intensifying El Niño conditions could be a catalyst driving demand significantly through 1H27F. Following the release of 2Q26 results, the market has revised up earnings for both CBG and OSP, bringing the sector's new 2026-27F earnings to -2%/+1% YTD from -3%/-3% previously, while ICHI's estimates remain unchanged. The research team's 2026F-27F core earnings reflect growth of 3%/9% YoY and are now close to consensus.
CBG.BK · Capital · Positive KGI upgrades Thai beverage sector to Outperform and names CBG as its sole top 4Q26 pick, viewing the recent share price decline as a re-accumulation opportunity.
ICHI.BK · Capital · Positive KGI lists ICHI among its preferred Thai beverage picks after the sector upgrade, though ICHI's earnings estimates remain unchanged.
OSP.BK · Capital · Positive KGI lists OSP as a pick after CBG, with 3Q26F core earnings expected to grow YoY on revenue growth and good cost control.
Government extends Thai Chai Thai Plus to year-end, boosting consumer stocks, NEO, CBG and OSP in focus
The government plans to extend the Thai Chai Thai Plus scheme and the new phase of the state welfare card by another two months, to November-December 2026, from an original end date of 30 September 2026, and will submit the plan to the Cabinet for consideration on 22 September. This renewal of Thai Chai Thai Plus will use the first 200 billion baht allocated and reserved for the state welfare scheme and the Thai Chai Thai Plus project, with no budget shifted from other areas, and the co-payment ratio will remain at 60:40 through the Paotang application. The state welfare card will continue to receive 100% assistance as before. The government will announce the list of eligible recipients on 30 September 2026, with benefits usable from 1 October 2026 onward. Currently, 26 million people receive Thai Chai Thai Plus benefits, 9.5 million qualify for the state welfare scheme, and about 5 million are awaiting a review of their eligibility, bringing the total number hoping for benefits to 40 million. Dao Securities (Thailand) said it has a more positive view of the measures because the timeline is clearer, and sees the stocks benefiting most, based on their share of domestic revenue, as NEO with a target price of 31.00 baht, CBG with a target of 67.00 baht, and OSP with a target of 20.00 baht.
NEO.BK · Demand · Positive NEO is named by Dao Securities as the top beneficiary of the extended Thai Chai Thai Plus scheme given its domestic revenue exposure, with a 31.00 baht target price.
CBG.BK · Demand · Positive Extension of Thai Chai Thai Plus co-payment scheme through year-end boosts consumer spending, and CBG is named among stocks benefiting most from domestic revenue share.
OSP.BK · Demand · Positive OSP is cited among the stocks benefiting most from the extended Thai Chai Thai Plus stimulus due to its share of domestic revenue, with a 20.00 baht target.
Finance Ministry extends Thai Help Thai Plus Phase 2, injecting 7.1 billion baht
The Ministry of Finance is preparing to extend the Thai Help Thai Plus Phase 2 programme by another two months, covering October through November 2026, using the same 60:40 formula. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the extension will use remaining budget and will not divert funds from the second tranche earmarked for the energy transition, and that it will be submitted to the Cabinet meeting on 22 September 2026. Analysts at Dao Securities Thailand turned more positive after the timeline became clearer, with the stocks benefiting most from domestic revenue exposure being NEO, rated Buy with a target price of 31 baht, CBG, rated Buy with a target price of 67 baht, and OSP, rated Buy with a target price of 20 baht. Meanwhile, Finansia Syrus Securities estimates that the Phase 2 measure will inject an additional 3.5 to 7.1 billion baht into the system in the fourth quarter of 2026, helping consumption and same-store sales continue to recover. It expects third-quarter 2026 profits for DOHOME and COM7 to grow by around 35 to 45 percent year on year, and keeps its weighting on the commerce sector at NEUTRAL, selecting BJC and COM7 as its top picks.
COM7.BK · Demand · Positive Finansia Syrus expects COM7's Q3 2026 profit to grow 35-45% YoY and names it a top commerce pick as the 3.5-7.1 billion baht stimulus lifts consumption.
CBG.BK · Capital · Positive Dao Securities rates CBG Buy with a 67 baht target price, citing its domestic revenue exposure as a beneficiary of the stimulus extension.
DOHOME.BK · Capital · Positive Finansia Syrus expects DOHOME's Q3 2026 profit to grow around 35-45% year on year on the back of the Phase 2 consumption stimulus.
NEO.BK · Capital · Positive Dao Securities rates NEO Buy with a 31 baht target price, citing its domestic revenue exposure as a beneficiary of the stimulus extension.
OSP.BK · Demand · Positive Analysts at Dao Securities rate OSP Buy with a 20 baht target as a top beneficiary of domestic revenue exposure from the extended Thai Help Thai Plus Phase 2 stimulus, which injects up to 7.1 billion baht into consumption.
BJC.BK · Demand · Positive Finansia Syrus selects BJC as a top pick in the commerce sector, expecting the Thai Help Thai Plus Phase 2 stimulus to boost consumption and same-store sales.
Osotspa launches second-phase sustainability strategy, targets 50% greenhouse gas reduction by 2030
Osotspa Public Company Limited, or OSP, has announced its second-phase sustainability strategy and targets for 2026–2030 under the OSP Sustainability Purpose & 2030 Targets, marking its 135th anniversary by linking sustainability to business strategy across the entire value chain under the vision "Power to Enhance Life." Chief Executive Officer Mukda Pairojvet said the new management structure sets the direction for the second phase of sustainability, namely Environmental Sustainability, Human Sustainability, Corporate Sustainability and Business Sustainability, driven through seven key sustainability issues spanning supply chain management, resource management in production processes, development of health products, and post-consumption packaging management and personnel development. The 2030 targets include reducing Scope 1 and 2 greenhouse gas emissions by 50% from a 2022 base year and increasing the share of renewable energy to 17%, controlling the Water Use Ratio in beverage production at 3.98, making 100% of packaging recyclable or biodegradable once technology allows, and collecting 625,000 tons of cullet to be recycled back into the production process, sending 100% of production waste to higher-value uses, and limiting food loss and food waste to no more than 2.90% of total production volume. They also include ensuring that 95% of domestic beverage products contain no more than 5 grams of sugar per 100 milliliters, targeting an annual talent retention rate of 85% and an employee engagement score of 79%, and supporting 500 small business partners. Mukda added that the 2030 targets will serve as a framework guiding decisions and tracking progress, alongside collaboration with all stakeholder groups to deliver transparent and measurable results.
OSP.BK · Regulation · Positive Osotspa launches its second-phase sustainability strategy with 2026-2030 ESG targets, aligning business strategy with environmental, social and governance goals.
Bualuang Securities flags five cheap, quality SET50 stocks that have yet to catch up
Bualuang Securities outlined a tactical strategy based on data through August 18, noting that although the SET has climbed back to around 1,600 points from 1,260 points at the end of last year, this year-to-date rally has been highly concentrated. The SET is up 26.7% year-to-date, or 28.7% when measured by market capitalization, yet the median gain is only 7.6%, and just 24.2% of all stocks have managed to beat the market, even though 64.5% delivered positive returns. The top ten stocks driving the index accounted for more than 62% of the gains, with DELTA alone contributing 26.5%. Leader-group share prices have risen far faster than their earnings, delivering an average return of 51.1% against profit growth of 25.7%, while non-leader stocks returned only 18.3% despite similar profit growth of 24.0%, because the average PER of the leaders rose 18.6% while that of non-leaders fell 4.9%. On 2026 earnings estimates, the leader group is expected to grow 28.6%, but in 2026 the market expects earnings to decline 5.0% in 2027, and leaders trade at a 2026 PER 115% higher than non-leader SET50 stocks. The expensive valuations are concentrated mainly in DELTA. If PTTGC and DELTA are excluded, and the restructured GULF and BANPU are left out, six leader stocks remain trading at a 2026 PER of just 11.66 times, below the 13.10 times of SET50 ex-leaders, even though their earnings are expected to grow 25.6% versus 15.3%. The strategy from here, therefore, is to find gap-closing stocks that the market has yet to value, screening for SET50 names that have lagged the market and remain cheaply valued relative to their history but still have supportive fundamentals, blending growth groups that support low valuations with quality-on-sale names. The five final picks are PTT, CPALL, OSP, BDMS and MINT as the standout stocks for this investment theme.
OSP.BK · Capital · Positive Bualuang Securities names OSP one of five cheap, quality SET50 laggards with supportive fundamentals, an analyst valuation call.
PTT.BK · Capital · Positive Bualuang Securities names PTT one of five cheap, quality SET50 gap-closing picks with supportive fundamentals, an analyst valuation call.
BDMS.BK · Capital · Positive BDMS is one of Bualuang's five final picks as a cheap, quality SET50 laggard yet to be valued by the market.
CPALL.BK · Capital · Positive CPALL is one of Bualuang's five final picks as a cheap, quality SET50 laggard yet to be valued by the market.
DELTA.BK · Capital · Negative DELTA is flagged as the main source of expensive, concentrated valuations, contributing 26.5% of index gains and trading at a 2026 PER 115% above non-leaders.
BANPU.BK · Capital · Neutral BANPU is excluded from the leader group due to restructuring, so it is not among the five cheap laggard picks.
Krungsri: Extending Thai Chai Thai Plus by 2 months to inject 70 billion baht in new money
Krungsri Securities said the Prime Minister has instructed the Ministry of Finance to extend the Thai Chai Thai Plus programme by another 1-2 months to ease the cost of living for the public, after the programme enters its final month this month, with 40-50 billion baht still remaining in the budget. The research team views this positively, in line with the direction signalled earlier by the Minister of Finance, and expects the remaining funds to lead to a 2-month extension of the programme, which would support new money flowing into the economy. Based on the first phase of funding, which covered a 4-month period, the funding for this 2-month round is expected to be around 35-36 billion baht, and the portion contributed by the public at a similar level would inject 70-72 billion baht in new money into the system, or about 0.4% of GDP. Stocks expected to benefit are food and beverage groups sold through traditional retail channels, such as NEO, OSP and ICHI, but there is expected to be negative sentiment toward large retail stocks, which are expected to face continued impact, especially those selling essential goods.
ICHI.BK · Demand · Positive Named as a food and beverage stock expected to benefit from the Thai Chai Thai Plus extension injecting 70 billion baht of new money into the economy.
NEO.BK · Demand · Positive Named as a food and beverage stock expected to benefit from the Thai Chai Thai Plus extension injecting 70 billion baht of new money into the economy.
OSP.BK · Demand · Positive Named as a food and beverage stock expected to benefit from the Thai Chai Thai Plus extension injecting 70 billion baht of new money into the economy.
Watch for Phase Two of "Thai Chuay Thai Plus" — Standout Stocks CPAXT, BJC, CPALL
The Ministry of Finance is considering extending the "Thai Chuay Thai Plus" program, a 60/40 co-payment measure, by roughly one to two months from its original end date of September 30, 2026. The co-payment formula may be adjusted from 60/40 to 50/50 or to the "Khon La Khrueng" half-half format if the extension goes ahead. The program is drawing close attention amid the protracted war between the United States and Iran in the Middle East, which has pushed crude oil prices above 100 dollars per barrel, pressuring travel costs, transport costs, and the public's cost of living. From a stock market perspective, the stock expected to benefit most is CPAXT, which not only gains directly from consumers but is also supported by the mom-and-pop shops and small retailers joining the program, who must buy stock from Makro. Previously, Krungsri Securities viewed CPAXT as one of the stocks benefiting from the measure and gave it a target price of 19 baht. BJC, or Berli Jucker, holds both the Big C retail business and a consumer goods business. CPALL benefits directly from higher consumption through its nationwide 7-Eleven network. Globlex Securities also previously picked CPALL and CPAXT as stocks benefiting from government measures and the stimulus of purchasing power, while consumer goods names such as CBG and OSP stand to gain in a "second round" manner.
CPAXT.BK · Demand · Positive CPAXT is expected to benefit most, gaining directly from consumers plus mom-and-pop shops buying stock from Makro under the program.
CPALL.BK · Demand · Positive CPALL benefits directly from higher consumption through its nationwide 7-Eleven network under the co-payment program.
BJC.BK · Demand · Positive BJC's Big C retail and consumer goods businesses stand to gain from the Thai Chuay Thai Plus co-payment stimulus boosting consumption.
CBG.BK · Demand · Positive CBG is cited as a consumer goods name that stands to gain in a 'second round' manner from the stimulus measure.
OSP.BK · Demand · Positive OSP is cited as a consumer goods name that stands to gain in a 'second round' manner from the stimulus measure.
Kasikorn Research Center says 30,000-baht earners are the new vulnerable group
Kasikorn Research Center reported that Thailand's economy will expand by only 1.7% in the second half, slowing from 2.4% in the first half, and is expected to grow 2% for the full year, in line with its previous forecast. Dr. Lalita Thienprasiddhi, head of research, said purchasing power remains fragile and weak because high energy prices and El Nino have affected food prices. Dr. Kanchana Chokpaisarnsilp estimated that total credit in 2026 will grow by only 0.5%, and that the commercial banking system's non-performing loans could rise from 2.76% at the end of the second quarter of 2026 to a range of 2.80-3.00%. Thakorn Piyapan, chief executive of TMBThanachart Bank, said households earning less than 30,000 baht a month have become the new vulnerable group, especially in Bangkok, and are increasingly likely to be denied credit. Bank of Thailand Governor Vitai Ratanakorn said SME loans have been negative for 16 consecutive quarters and the share of zombie businesses has risen from 2.7% in 2013 to 5.7% in 2024. Brent crude oil on September 11, 2026 traded near 108 dollars a barrel and West Texas near 102 dollars amid Middle East conflict. Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas is pushing to finalize the extension of the Thai Chai Thai Plus Phase 2 by the end of September, with 26 million users of the program plus 13 million state welfare card holders, about 40 million people in total. Operators including Siam Global House, Maguro, Ichitan and Osotspa are all adjusting their strategies. Siam Global House is keeping its plan to open at least 6-8 branches a year. Maguro is accelerating expansion of its 14 brands while competitors are weak. Osotspa has reformulated its energy drink to 5 grams of sugar per bottle and is upgrading its factory in Ayutthaya to a fully automated system, reducing its reliance on 200-300 workers. Ichitan is focusing on 10-baht products and 1-liter sizes. Meanwhile, the property market has hundreds of thousands of unsold units, forcing operators to hold clearance sales at reduced prices and sell off assets.
Osotspa Opens Ayutthaya Production Base, Celebrates 135 Years, Highlights System Behind the Growth
Osotspa Public Company Limited, or OSP, has opened a production base in Ayutthaya Province to mark its 135th anniversary, unveiling the concept of System Behind the Growth, a system underpinning growth that connects production capability, supply chain management, technology, personnel, and sustainability together to enhance competitiveness and support long-term growth. At its core is the elevation of Manufacturing Excellence through Strategic Production Centralization, which aims to link production under shared standards and goals, reduce process duplication, and create advantages from Economies of Scale alongside the use of Automation and Continuous Improvement. On the supply chain side, Osotspa aims to build Supply Chain Resilience that is Agile, Integrated, and Resilient to cope with volatility in raw material costs and market demand. The concept also links six Growth Engines: Product Portfolio, Route to Market, Manufacturing Efficiency, Supply Chain Resilience, Sustainable Development, and Digital & People Transformation, so they drive in the same direction. Ms. Mukda Pairuchvej, Chief Executive Officer, said that building the System Behind the Growth is not merely about increasing the capability of factories, but about making production, supply chain, technology, personnel, and sustainability work in connection with one another. Under its Sustainability Framework & Goals 2026–2030, Osotspa aims to cut Scope 1 and 2 greenhouse gas emissions by 50% from the 2022 base year, raise the share of renewable energy to 17%, pursue 100% recyclable or biodegradable packaging where technology allows, collect a cumulative 625,000 tons of cullet, and press ahead toward its goal of Net Zero GHG Emissions by 2050.
OSP.BK · Supply · Positive Osotspa opened a new Ayutthaya production base and centralized manufacturing to cut duplication and gain economies of scale, strengthening its production capacity and supply chain resilience.
Stocks to Watch Today: ICHI, VIH, KTMS, OSP, BAM Lead Positive News
Today's stocks to watch include several companies announcing plans and earnings outlooks. ICHI is confident of standout growth in the second half, with revenue this year reaching 9,000 million baht. It is pushing ahead into the fertilizer business, with a three-year plan to lift revenue to 1,500 million baht, and is teaming up with COCOCO to launch a coconut water jelly drink, targeting sales of 15 million baht this year. Meanwhile, GPSC and RATCH received positive news as the Energy Policy and Planning Office is set to extend the operating life of gas-fired power plants in the first five years of the PDP 2026 plan, with hopes for extensions for the 677-megawatt GLOW IPP plant and for Ratch Group's 3,645-megawatt Ratchaburi plant to qualify. Target prices were set at 61 baht per share for GPSC and 41.40 baht per share for RATCH. VIH hinted at standout growth in the third quarter of 2026, benefiting from treatment of complex diseases, which supports higher margins, with cash reserves of more than 1,400 million baht and a push toward medical excellence by 2028. KTMS signaled a strong showing in the third quarter of 2026, accelerating the opening of 11 new dialysis branches and installing 36 to 64 additional dialysis machines, supporting a 2026 revenue target of 800 million baht. OSP said the third quarter of 2026 will grow in line with plan, highlighting premium beverages as the main driver, with its automation system in Ayutthaya having already cut costs by more than 300 million baht, and it is confident revenue this year will grow at a single-digit rate. BAM is adjusting its business model toward asset management, focusing on net profit and cost control, driving an asset-light model with assets of 100,000 to 120,000 million baht and eyeing profit of 2,000 million baht.
BAM.BK · Capital · Positive BAM is shifting to an asset-light asset-management model targeting net profit of 2,000 million baht and cost control.
KTMS.BK · Demand · Positive KTMS is accelerating 11 new dialysis branches and 36-64 additional machines, supporting a 2026 revenue target of 800 million baht.
OSP.BK · Demand · Positive OSP expects Q3 2026 growth driven by premium beverages, with automation cutting costs over 300 million baht.
GPSC.BK · Regulation · Positive Energy Policy and Planning Office set to extend operating life of gas-fired power plants, potentially benefiting GPSC's GLOW IPP plant; target price set at 61 baht.
RATCH.BK · Regulation · Positive RATCH's 3,645-MW Ratchaburi plant may qualify for operating-life extension under the PDP 2026 plan; target price set at 41.40 baht.
OSP maintains single-digit revenue growth target for this year, second half expected to be similar to first half
Mukda Pairojvet, Chief Executive Officer of Osotspa Public Company Limited, or OSP, disclosed that the company expects its operating performance in the third quarter of 2026 and throughout the second half to remain broadly in line with the first half, when revenue reached 12.617 billion baht. The company is maintaining its revenue growth target for this year at a single-digit level, provided there is no further escalation of war in the Middle East and Iran. Growth drivers will come mainly from the beverage product group, which accounts for approximately 80% of total revenue, alongside the launch of new product innovations and improvements to the product distribution system to market. In the energy drink category, where the market has been flat for many years, premium products have shown clear growth, so the company is using a premiumization strategy to drive overall market value. On production capacity, the main production plant currently has a capacity of approximately 2.2 billion bottles per year, the glass plant has a capacity of approximately 2.23 billion bottles per year, and the can packaging plant has a capacity of approximately 2 billion bottles per year, which is about 10% lower than the glass plant. The company continues to set its general investment budget at approximately 1 billion baht per year, focusing on bringing in technology, automation systems, and artificial intelligence to improve operational efficiency, while allocating budget for sustainability projects and infrastructure investment as appropriate.
OSP.BK · Demand · Positive Company maintains single-digit revenue growth target, driven mainly by beverage products, new innovations, and distribution improvements.
LIV-24 Partners with OSP to Install Smart VMS at Ayutthaya Factory
LIV-24 Company Limited (LIV-24) has partnered with Osotspa Public Company Limited (OSP) to deploy the LIV-Pass Sure system, or Smart Visitor Management System (Smart VMS), at Osotspa's industrial factory in Phra Nakhon Si Ayutthaya Province. This initiative aims to enhance visitor management, improve access control efficiency, and support factory operations for greater agility and maximum safety. The system supports pre-registration, access rights assignment, automatic license plate recognition, and real-time data display on dashboards, enabling staff to track visitors from before entry until exit. It also supports risk management in emergency situations, such as evacuations, as systematically stored visitor data facilitates rapid coordination and assistance. This collaboration reflects the adoption of Smart Tech to develop modern factories, moving toward becoming a Smart Factory in the future.
Osotspa Public Company Limited (OSP) has launched a new product line, "Babi Mild & Beyond Immortelle," for adults aged 50 and above, in response to the growth of the Silver Market and the longevity trend. The products cover three categories: body cleansers, lotions, and body oils, as part of the company's portfolio expansion in the personal care market. They feature French immortelle flower extract and Pentavitin® to help rejuvenate the skin for a lasting youthful appearance. Ms. Sutipa Punyamahasap, Chief Home & Personal Care and Health Care Officer, stated that this launch repositions the Babi Mild brand from a specialist in gentleness to a leader in skin longevity innovation. The products are now available at leading department stores, retail outlets nationwide, and online channels.
Bualuang Selects 8 Strong Dividend Stocks to Weather Market Volatility
Bualuang Securities stated that amid the still volatile market, its research team believes dividend yield will regain its role as a downside buffer. However, looking at yield based solely on base-case estimates may not be sufficient, so it conducted a Dividend Stress Test for 2027, setting worst-case scenarios according to each industry's risks, such as banks assuming a 5-10 basis point increase in credit costs and payout ratios returning to normal levels, retail with SSSG of -2% YoY, shopping malls with tenant sales of -2% YoY, hospitals with no revenue growth, ICT facing price competition and slowing cost savings, energy using Brent at $60 per barrel compared to the base case of $70 per barrel, and WHA/WHAUP assuming the transfer of 900 rai of data center land is postponed from 2027. The stress test found that even with DPS declining by an average of 7% from the base case, there are still 8 companies whose 2027 dividend yield is higher than the +1 standard deviation level of the 10-year historical average, namely CPALL, BDMS, CPN, TLI, WHA, COM7, OSP, and TU. This reflects that yields still have a buffer even if earnings come in below expectations. Among these, CPALL offers a yield of 4.1% in the worst case compared to the +1SD of 2.6%, BDMS 3.9% versus 2.7%, CPN 3.9% versus 2.9%, TLI 5.4% versus 4.8%, WHA 4.9% versus 4.5%, and COM7 4.0% versus 3.7%. Meanwhile, OSP and TU still offer high yields of 5.3% and 5.6%, respectively, compared to the +1SD level of 5.2% for both. In a situation where earnings and the market remain uncertain, the strategy should focus on quality yield rather than merely selecting stocks with high dividend yields. All 8 stocks above maintain yields above their historical ranges even after passing through negative assumptions.
Thailand exports surge, 7 standout stocks benefit from AI and chicken themes
KGI Securities (Thailand) reported that July exports rose 21.6% year-on-year, higher than the market's expectation of 18.3%, with export value at $34.8 billion. Meanwhile, imports increased 36.7% to $38.4 billion, resulting in a trade deficit of $3.6 billion. Exports of electronic goods surged 68% year-on-year, especially those related to AI such as DELTA and HANA. DELTA already derives about 40% of its revenue from AI, while HANA is expected to start generating AI-related revenue in the second half of the year. Meanwhile, GFPT benefits from strong processed chicken exports, and BTG has been upgraded. CBG still faces very low exports to Cambodia, but it is expected that the situation has passed its lowest point. OSP has also passed its worst point in Myanmar.
Beverage Stocks Weaken on Soft Exports, COCOCO-CBG Highlighted
Asia Plus Securities noted that the Ministry of Commerce reported July 2026 export figures, with most beverage products related to the stocks under the research department's coverage showing weaker exports. Compared to the previous month, exports of energy drinks (mainly CBG and OSP) decreased 3% MoM, primarily due to the contraction in the Myanmar market. Coconut water exports (mainly COCOCO) contracted 5% MoM, following declines in the China, Taiwan, and Australia markets. Meanwhile, ready-to-drink sweet beverages (mainly SAPPE) decreased 7% MoM due to weaker markets in Myanmar and South Korea. On a year-on-year basis, energy drink exports contracted 16% YoY due to the high base in the Cambodian market last year before the Thai-Cambodian conflict intensified, coupled with import regulation issues in Myanmar. Coconut water continued to contract 9% YoY due to the sharp decline in the Chinese market. Only ready-to-drink sweet beverages grew 36% YoY, driven by strong expansion in the Philippines, India, and Australia markets. In total, over seven months, Thai beverage exports amounted to 28 billion baht (-9% YoY). For the overall beverage export picture in 3Q26, on a QoQ basis, the research department expects a mixed picture due to differing seasonal factors (positive for ready-to-drink sweet beverages and coconut water, but negative for energy drinks). However, overall, growth is expected on a YoY basis from the low base in 3Q25. The research department maintains a "neutral" rating on the beverage group. Although the overall export outlook for 2026 is relatively weak, domestic sales trends remain strong, coupled with higher margins, leading the research department to expect total normalized profit for the group to grow 11% in 2026, with COCOCO and CBG selected as top picks. Specifically, COCOCO is expected to see 3Q26 profit growth both QoQ and YoY, driven by higher margins and domestic sales, and is expected to have the most outstanding profit growth in the group in 2026 and 2027, supported by lower coconut costs boosting margins. As for CBG, 3Q26 profit is expected to be flat QoQ but grow YoY, driven by strong domestic sales, with profit expected to accelerate to its peak of the year in 4Q26.
CBG Q3 Profit Grows Against OSP, Analysts See It as a Top Pick
Analysts from Bualuang Securities Public Company Limited expect CBG's core profit in the third quarter of 2026 to be around 736 million baht, up 19% from the same period last year and flat from the previous quarter. Meanwhile, OSP is expected to see a decline to around 665 million baht, down 5% year-on-year and down 40% quarter-on-quarter. CBG is supported by domestic energy drink sales growing 10% and sales in Myanmar increasing 70%. In contrast, OSP faces seasonally weak sales in the CLMV group and higher packaging costs. Analysts view CBG as a top pick due to its strong revenue growth momentum. Although OSP trades at a lower 2027 P/E of 13.2 times compared to 17.2 times for CBG, CBG deserves a premium valuation given its expected 2027 profit growth of 15% versus 7% for OSP, and its ROE is projected to improve to 20.7% in 2027.
Broker says OSP profit grows with record-high margin, recommends buy
ASL Securities says OSP posted second-quarter 2026 net profit of 1.1 billion baht, down 5% quarter-on-quarter but up 8.9% year-on-year. Gross margin continued to expand to a record high of 42.8%, up from 41.9% in the second quarter of 2025 and 42.5% in the previous quarter, thanks to lower unit costs and a premiumization strategy, especially support from sales of new products such as C-vitt, 150-Sparkling, 150-milliliter Lipo, and Babi Mild brand products. Selling and administrative expenses as a percentage of sales fell to 22.5%, compared with 24.4% in the second quarter of 2025, due to production centralization, but rose from 21.9% in the previous quarter because of higher transport costs following global oil prices. Total revenue was 6.1 billion baht, down 3.6% quarter-on-quarter and 10.2% year-on-year, affected by lower overseas revenue, especially the inability to ship products to Myanmar for about 45 days. First-half 2026 net profit was 2.2 billion baht, down 0.8% year-on-year, accounting for 59% of the full-year 2026 estimate. The research team raised its 2026 profit forecast by 7% to 3.8 billion baht, up 4.7% year-on-year, to reflect first-half results and management guidance. It expects third-quarter 2026 earnings to contract seasonally during the rainy season in ASEAN, with a recovery in the fourth quarter. Key growth drivers are a higher gross margin reaching 41%, compared with 40% in 2025, and selling and administrative expenses as a percentage of sales falling to 23.5%, compared with 25.2% in 2025. Pressure comes from total revenue shrinking to 25 billion baht, down 1.1% year-on-year. Although management has obtained an import license in Myanmar, overseas revenue is still contracting due to weaker purchasing power and transport problems, especially in the Middle East. The broker recommends buy with a 2027 target price of 20.00 baht, based on a price-to-earnings ratio of 14.8 times, which is close to the five-year historical average of 29.3 times. The current price-to-earnings ratio is 14.5 times, an attractive level. OSP stands out for its profitability, especially gross margin and return on equity that are higher than peers. It also announced an interim dividend of 0.45 baht per share, with the ex-dividend date on 27 August 2026 and payment on 10 September 2026, representing a dividend yield of 2.6%, with an expected 2026 dividend yield of 4.8%.
Yuanta maintains buy rating on OSP with target price of 21.80 baht
Yuanta Securities maintains a buy recommendation on Osotspa Public Company Limited, or OSP, with a fair value of 21.80 baht, after attending an analyst meeting yesterday. The broker expects third-quarter 2026 normalized profit of 750 to 850 million baht, down quarter-on-quarter due to seasonality but still growing year-on-year, even though revenue from Myanmar is pressured by import licenses and the new accounting standard TAS21. Domestic business is expected to grow 5 to 7 percent, supported by energy drinks, health drinks, and personal care products. Gross margin is expected to decline to 39.5 to 40.5 percent due to packaging and ingredient costs, but still rise slightly from a year earlier thanks to the consolidation of production at the Ayutthaya facility. Management said the import license issue in Myanmar is starting to ease, and sales in Laos and Indonesia are strong, so overseas revenue in the second half of 2026 may decline less than in the first half. For the fourth quarter, profit is expected to return to growth both quarter-on-quarter and year-on-year. The company will lease 45 rai of land to CPAXT for 30 years and will begin recognizing rental income of about 40 million baht per year from the second quarter of 2027. Yuanta maintains its 2026 and 2027 normalized profit forecasts at 3.861 billion baht and 4.12 billion baht, respectively, and notes the first-half 2026 dividend of 0.45 baht per share, representing a yield of 2.5 percent. The stock will trade ex-dividend on August 27, 2026, with payment on September 10, 2026.
OSP expects single-digit revenue growth this year, prepares new products for health trends
Osotspa expects revenue in 2026 to grow at a low to mid single-digit rate, while pressing ahead with a strategy to strengthen its core business and build new growth engines, focusing on premium products priced above 12 baht and the health and lifestyle segment. The company has set a capital expenditure budget of 400 to 500 million baht for innovation, digital technology, and distribution. In the third quarter, it will launch new products such as M150 Sparkling strawberry fizz sugar-free, a new Peptein formula, and the men's fragrance Exit Gentlemen Perfume Spray.
Asia Plus highlights ICHI and OSP dividends, assesses Q3 2026 outlook
Asia Plus Securities' research team has issued an analysis of beverage stocks ICHI and OSP after both announced interim dividend payments from first-half results, along with an assessment of third-quarter 2026 and full-year 2026 trends. ICHI reported normalized profit of 309 million baht in the second quarter of 2026, up 8% quarter-on-quarter but down 1% year-on-year, 7% below the research team's estimate but close to market expectations. The quarter-on-quarter profit growth came from an 11% quarter-on-quarter rise in sales, driven by the hot season and the Thai Chuay Thai Plus stimulus measures. For the third quarter of 2026, profit is expected to be flat quarter-on-quarter despite entering the low season, because alkaline water sales continue to expand well both domestically and through new exports to China and Canada, and the company may begin original equipment manufacturing services. However, profit is expected to decline slightly year-on-year due to lower margins from higher packaging costs. The company announced a first-half dividend of 0.45 baht per share, representing a yield of 3.0%. The research team maintains its full-year 2026 normalized profit estimate at 1.25 billion baht, up 1% year-on-year, and keeps a speculative buy recommendation with a target price of 15.80 baht. For OSP, normalized profit in the second quarter of 2026 was 1.1 billion baht, down 5% quarter-on-quarter but up 9% year-on-year, close to both the research team's and market expectations. The quarter-on-quarter profit decline came from a 4% quarter-on-quarter drop in sales, with beverages down 5% quarter-on-quarter due to Myanmar import regulations and other products down 7% quarter-on-quarter following a policy to reduce glass bottle production for external customers. Meanwhile, year-on-year profit growth was supported by a record gross margin of 42.8% in the second quarter of 2026, up from 41.9% in the second quarter of 2025, and selling and administrative expenses as a percentage of sales fell 2.1 percentage points to 22.5%. For the third quarter of 2026, profit is expected to contract quarter-on-quarter due to seasonal sales slowdown and higher raw material costs from the war situation, but still grow year-on-year thanks to production efficiency and marketing expense control. The research team maintains its full-year 2026 normalized profit estimate at 3.89 billion baht, up 11% year-on-year, and upgrades its recommendation to buy from speculative buy, using a 2027 target price of 19.20 baht. It expects profit recovery both quarter-on-quarter and year-on-year in the fourth quarter of 2026, alongside the company's announced dividend of 0.45 baht per share, representing a yield of 2.6%.
Osotspa Q2 profit rises 8.9%, margin hits record 42.8%
Osotspa reported second-quarter net profit for fiscal 2026 of 1.1 billion baht, up 8.9% from the same period last year, while gross margin reached a record high of 42.8% on better production efficiency, cost and supply chain management, and growth in its core domestic business. As a result, first-half net profit from normal operations came to 2.257 billion baht, up 14.0% from a year earlier. Sales revenue on an adjusted basis grew 1.7%, while net profit and normalised profit grew 20.2% and 42.6% respectively. Domestic beverages grew 6.0%, driven by M-150, Lipovitan-D, C-Vitt and Peptein, while personal care grew 8.3%, led by Babi Mild and Ultra Mild by Babi Mild. International business excluding Myanmar grew 19.5%, even as the Myanmar business remained affected by restrictions on raw material import licences. The board approved an interim dividend of 0.45 baht per share, with the stock trading ex-dividend on 27 August and payment on 10 September 2026. For 2026, the company targets low-to-mid single-digit revenue growth on an adjusted basis.
OSP Announces Interim Dividend of 0.45 Baht per Share
Osotspa Public Company Limited, or OSP, has announced an interim cash dividend of 0.45 baht per share. The board of directors approved the dividend on 13 August 2026, with the record date for shareholders entitled to receive the dividend set for 28 August 2026 and the XD date on 27 August 2026. The dividend is paid from operating results for the period from 1 January 2026 to 30 June 2026, comprising 0.06 baht per share from net profit of subsidiaries receiving investment promotion and 0.39 baht per share from net profit of businesses subject to corporate income tax at 20 percent. The dividend payment is scheduled for 10 September 2026.
InnovestX Securities states that the signing of an MOU extending the employment period for over four million Myanmar workers in Thailand by another five years will help unlock the most critical labour bottleneck for Thailand's labour-intensive industrial sector. It also aims to push bilateral trade value to 12 billion US dollars, up from around 7.4 billion dollars, through accelerating border checkpoint restoration, using local currency payment systems, and promoting infrastructure investment, especially the Dawei Special Economic Zone project. However, risks remain from Western sanctions that could pressure the valuation of stocks with concessions or direct investment linked to the Myanmar military government. For short-term investment strategy, the firm recommends speculative trading based on news factors for beneficiary stocks, divided into two themes: groups directly benefiting from more stable labour cost management, such as CK, STECON, GFPT, BTG, CPF, and groups benefiting from a recovering border trade atmosphere, such as MEGA, TNP, CBG, OSP, CHG, BCH.
OSP and CPAXT join forces to develop mixed-use project on 45 rai in Hua Mak–Ramkhamhaeng area
Osotspa Public Company Limited, or OSP, has signed a 30-year long-term lease agreement for 45 rai of land at its Hua Mak headquarters with CP Axtra Public Company Limited, or CPAXT, to jointly develop a shopping centre project under the Happy lifestyle community concept, with Lotus's hypermarket as the anchor tenant. The project is located on OSP's land in the heart of the Hua Mak–Ramkhamhaeng area, a densely populated location with high purchasing power. CPAXT will bring its retail business expertise to create a new retail and lifestyle landmark. Renovation and construction are expected to begin soon, and once completed, the project will help enhance the quality of life for the surrounding community.
Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes
Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.
Brokers Recommend Accumulating Meat and Beverage Stocks Ahead of El Niño Intensifying Late This Year
Brokers are advising investors to gradually accumulate stocks in the meat and beverage sectors before the impacts of the El Niño phenomenon become pronounced from late this year into early next year. This follows the NOAA Climate Prediction Center's official declaration on June 11, 2026, that the world has entered El Niño conditions, with a 63% chance it will intensify into a super El Niño between November 2026 and January 2027. This could bring hotter and drier weather than usual to Thailand. Historically, during super El Niño periods, Thailand's average annual rainfall dropped to about 1,446 millimeters, roughly 9.4% below the 40-year long-term average of 1,596 millimeters, while maximum temperatures reached around 41 degrees Celsius, about 2 degrees above normal. In the meat sector, particularly pork, prices are likely to benefit from upward pressure as heat stress slows pig growth and raises disease risk, reducing market supply. Data from 2004 to 2023 shows pork prices rose an average of about 17% during El Niño periods, compared to an average increase of around 12% for chicken. Meanwhile, the beverage and convenience store sectors are expected to be supported by higher beverage consumption during hot weather. Brokers therefore recommend meat stocks such as BTG, TFG, and CPF, and beverage stocks including ICHI, CBG, and OSP, as well as convenience store operator CPALL.
Stocks with Rising Profits and Strong Dividends Ahead of Second-Quarter Earnings Season
The Thai stock market is entering the period for second-quarter 2026 earnings announcements and interim dividend payments. Bualuang Securities' Wealth Research team notes that the SET Dividend Yield for 2026 is expected to be around 3.5 percent, compared with the 10-year Thai government bond yield of approximately 2.0 percent, resulting in a yield spread of about 1.5 percent, which is above the long-term average. This reflects that stocks still offer an additional return relative to bonds. The highlight this round is the combination of yield and earnings growth, with many companies likely to see upward earnings revisions or no significant downward adjustments over the past three months. The energy sector remains a key driver due to higher energy prices, while the communications sector is beginning to show more qualitative growth, with ADVANC and TRUE supported by recovering ARPU and subscriber numbers. The food and beverage sector is seeing positive signals from easing costs, with OSP standing out in margin management, TU benefiting from lower raw material costs, and CPF supported by recovering agricultural commodity price trends. The hospital sector is expected to gradually recover in the second half of the year, driven by returning Thai patient revenue and improving foreign patient demand. The strategy continues to focus on selecting individual stocks with strong cash flows, the ability to maintain margins, and consistent dividend payments.
Brokers maintain buy rating on OSP after strong second-quarter profit
Osotspa Public Company Limited, or OSP, is expected to report second-quarter 2026 net profit growth from the same period last year, even as total revenue softens. Dao Securities forecasts normalised profit of 1.105 billion baht, up 9 percent from a year earlier but down 4 percent from the previous quarter, on total revenue of 6.219 billion baht, down 9 percent year-on-year and 2 percent quarter-on-quarter. Tisco Securities estimates net profit at 1.114 billion baht, up 10 percent from a year ago and down 4 percent from the prior quarter, on revenue of 6.169 billion baht, down 9 percent year-on-year. Both research houses see the main support coming from a recovery in the domestic business and effective cost management, pushing the gross profit margin to a new high of 42.8 percent according to Dao and 43.0 percent according to Tisco, even though the export business, especially in Myanmar, remains pressured by import licence issues and changes in accounting standards. For the second half of 2026, the problems in Myanmar are expected to gradually ease, but seasonal factors and higher energy costs will still weigh on margins. Dao Securities maintains a buy recommendation and raises its target price to 20.00 baht from 19.00 baht, while Tisco Securities keeps its buy rating with a target price of 19.00 baht, noting that the stock is still trading below the sector average and offers a dividend yield of around 4 to 5 percent.
Krungsri Securities expects OSP's normalized profit in Q2 2026 to grow 5% as gross margin hits new high
Krungsri Securities expects OSP's normalized profit in the second quarter of 2026 at 1.06 billion baht, up 5% year-on-year but down 9% quarter-on-quarter. Gross margin is forecast to reach a new high of 42.6%, driven by an improved cost structure following a major production efficiency overhaul, helping to offset still-weak revenue from Myanmar, which accounts for 20% of total revenue. Total revenue is projected at 6.1 billion baht, down 10% year-on-year. Normalized profit for full-year 2026 is estimated at 3.63 billion baht, up 4% year-on-year, with the first half expected to account for 61% of the full-year forecast. The research team maintains a Neutral recommendation and a 2026 target price of 18.40 baht, based on a 15-times price-to-earnings ratio.
OSP.BK · Capital · Positive Krungsri Securities expects OSP's normalized profit to grow 5% YoY in Q2 2026 with gross margin reaching a new high of 42.6%
Thailand
