Khon Kaen Sugar Industry PCL

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World Sugar Prices Recover Above 17 Cents, Boosting Sugar Stocks

World sugar prices have recovered to over 17 cents per pound, up from a low of around 13 cents per pound in April 2026, due to tight supply from El Niño drought and India's plan to consider reducing or abolishing its 100% sugar import tax to increase domestic supply. Analysts at Innovest X Securities are positive on sugar stocks, especially KSL, KBS, and KTIS, which will benefit from higher selling prices. Meanwhile, BRR expects cane crushing volume for 2026/27 to increase to 2.5-2.6 million tons from 2.2 million tons last year, and expects the second half of the year to continue growing from the first half, supported by expanding demand and a weaker baht.

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KSL drops 7% after Administrative Court revokes factory licence for Sa Kaeo plant

KSL shares fell 7.07% to 1.84 baht after the Central Administrative Court ruled to revoke the factory operating licence, known as a Rong 4 licence, of a subsidiary in the sugar mill project in Sa Kaeo province. The ruling creates high uncertainty over operations and long-term competitive conditions. In this case, 14 villagers from Phak Kha subdistrict, Watthana Nakhon district, Sa Kaeo province, filed a lawsuit against Ministry of Industry officials on 19 June 2024, claiming the licence was issued unlawfully. The Central Administrative Court issued its judgment on 19 August 2026, revoking the Rong 4 licence of New Kwang Lun Lee Sugar Company Limited, a KSL subsidiary. Overall, of the five lawsuits concerning the Sa Kaeo sugar mill project, the court of first instance has ruled in four cases, with two wins and two losses. All decided cases remain under appeal, and KSL maintains that its subsidiary has strictly complied with the law and will exercise its right to appeal to the Supreme Administrative Court.

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Sugar stocks rise across the board as India cuts import duty and supply tightens

Sugar stocks moved higher across the board this morning, with KTIS up 5.35 percent to 1.97 baht, KSL up 4.21 percent to 1.98 baht, and KBS up 2.40 percent to 6.40 baht, after India prepared to cut its 100 percent sugar import duty to curb record-high domestic prices. Meanwhile, global sugar supply is tight and faces drought risk from El Nino, supporting a higher outlook for world sugar prices. Innovest X Securities is positive on the shares of all three sugar producers.

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KSL expects 2026/27 cane crush to reach 9 million tonnes on recovering global sugar prices

Khon Kaen Sugar, or KSL, expects its cane crush for the 2026/27 production season to rise to 8.5 to 9 million tonnes, up from 8.3 to 8.4 million tonnes in the current season, supported by improved mill efficiency, particularly at the Sa Kaeo plant which has a capacity of around 1 million tonnes. CEO Chalush Chinthammit said the company is beginning to see positive signals from global sugar prices, which have risen to 16 cents per pound with a chance of moving to 17 cents per pound, prompting it to defer some sales to next year. The benefits are expected to clearly boost profits from the fourth quarter of 2026 onwards. Meanwhile, KSL is in talks with new partners in industries that use sugar as a key raw material, such as ice cream and sweetened condensed milk, to extend its business and generate growth from existing resources and by-products.

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