PepsiCo Appoints Joaquin Duato as Independent Director
PepsiCo has appointed Johnson & Johnson chief Joaquin Duato as an independent director and member of its Audit Committee, a board change that puts governance and long-term decision making in focus. The appointment comes as PepsiCo shares have fallen 9.0% over the past 30 days and 8.8% year to date, with a 1 year total shareholder return down 4.8% and a 3 year total shareholder return down 17.5%. PepsiCo now trades near US$129.75, while analyst targets cluster around US$155 and internal fair value work points to a similar discount. The most followed narrative pegs fair value at about $200.01, framing the stock as 35.1% undervalued. PepsiCo still faces pressure if health-focused consumers accelerate away from sodas and salty snacks, or if North American food volumes stay sluggish.
Coca-Cola to Invest $10 Billion in U.S. Infrastructure Through 2030
The Coca-Cola Company plans to invest $10 billion in U.S. infrastructure from 2026 through 2030 to reinforce its manufacturing, distribution, and bottling network in one of its most important markets. The commitment is system-wide and therefore includes investments by Coca-Cola's bottling partners, rather than representing $10 billion of Coca-Cola's own capital expenditure, and Coca-Cola's own 2026 capital expenditure is expected to be substantially smaller. The company's 2025 10-K showed North American unit-case volume fell 1% while price/mix increased revenue by 5%, but Coca-Cola reported 4% North American unit-case volume growth in the first quarter of 2026, led by Trademark Coca-Cola and water, sports, coffee and tea. Coca-Cola subsequently raised its 2026 organic revenue-growth outlook to approximately 5% and comparable EPS growth to 9%-10%. Coca-Cola has also faced higher aluminum and PET costs, which management said were above expectations in 2026, and the value of the investment will depend on whether the spending produces measurable volume, productivity, and margin gains.
Philip Morris International Raises Dividend 8.8% to $6.40 Annualized
The Board of Directors of Philip Morris International Inc. has increased the company's regular quarterly dividend by 8.8% to an annualized rate of $6.40 per share. The new quarterly dividend of $1.60 per share, up from $1.47 per share, is payable on October 26, 2026, to shareholders of record as of October 2, 2026, with the ex-dividend date also set for October 2, 2026. PMI has increased its annual dividend every year since becoming a public company in 2008, representing a total increase of 248%, or a compound annual growth rate of 7.2%.
Nichirei reports leak of 53,866 personal records in cyberattack
Nichirei announced on the 18th that a cyberattack it suffered in July resulted in the leak of 53,866 pieces of personal information, including data on customers, executives and employees of business partners, and group employees. The findings came from an investigation conducted in cooperation with outside experts, and the company said no secondary harm such as fraudulent use has been confirmed at this point. The breakdown includes 3,308 records for customers to whom the group provided delivery services, with names, addresses, and phone numbers leaked. In addition, leaks were confirmed for 6,849 records of executives and employees of business partners, and 43,709 records of Nichirei Group employees, their family members, and job applicants. None of the leaked data included credit card information. The company said, "We deeply apologize to all those involved for the enormous inconvenience and concern we have caused."
Asahi Beer to Convert Clear Asahi to Beer, Launching October 27
Asahi Beer announced on the 18th that, in line with the liquor tax revision on October 1, it will convert its flagship third-category beer product Clear Asahi into beer. The product will be renamed Clear Asahi Draft, with canned versions going on sale on October 27. The company has not disclosed the selling price, but the price is expected to rise by a few yen from the current market price of around 198 yen for a 350-milliliter can. Commercial kegs will be switched over sequentially from October 6 onward. The malt ratio has been increased to bring it closer to the satisfying taste of draft beer, and a proprietary brewing method was used to achieve a clear flavor free of off-notes.
Asahi Beer to Convert Clear Asahi to Beer, Launching October 27
Asahi Beer announced on the 18th that, in line with the liquor tax revision on October 1, it will convert its flagship third-category beer product Clear Asahi into beer. The product will be renamed Clear Asahi Draft, with canned versions going on sale on October 27. The company has not disclosed the selling price, but the price is expected to rise by a few yen from the current market price of around 198 yen for a 350-milliliter can. Kegs for commercial use will be switched over sequentially from October 6 onward. The malt ratio has been increased to bring it closer to the satisfying taste of draft beer, and a proprietary brewing method was used to achieve a clear flavor free of off-tastes.
Nestlé Weighs 'All Options' After Russian Business Seizure
Swiss food giant Nestlé said on the 18th that after its Russian business was seized, it is considering all options to protect its rights. Nestlé stated it "will take all necessary measures to protect its rights and ensure the continuation of its business operations, in the interests of all stakeholders, especially its employees," but did not touch on what specific measures it is considering. The company has six factories in Russia, producing coffee, pet care products, and infant formula, and according to its most recently published 2021 financial results, it recorded sales of about 2 billion Swiss francs in Russia and employs about 7,000 people in the country. Nestlé justifies continuing its business in Russia on the grounds that, as a food manufacturer, it supplies daily necessities. Kepler Cheuvreux analyst Jon Cox said, "Nestlé could lose these assets, and no amount of compensation would make up for it."
Ingredion Raises Quarterly Dividend 1.2% to $0.83 per Share
Ingredion declared a quarterly dividend of $0.83 per share, a 1.2% increase from its prior dividend of $0.82. The dividend carries a forward yield of 3.35% and is payable October 20 to shareholders of record as of October 1, which is also the ex-dividend date.
KKPS maintains Buy on CBG with 70 baht target, sees upside from CJ MORE expansion
Kiatnakin Phatra Securities, or KKPS, has maintained its Buy rating on Carabao Group, or CBG, and kept its target price at 70 baht, viewing the branch expansion of CJ MORE under CJ Express Group, a CBG affiliate, as a long-term positive that will add distribution channels and support sales growth. Satien Satiantamma, Chief Executive Officer of CJ Express Group, said CJ MORE targets sales of 80 billion baht in 2026 and 100 billion baht in 2027, with plans to expand from about 2,100 branches currently to 2,500 branches by 2027 and to 5,000 branches by 2029. It expects to list on the stock exchange through an initial public offering, or IPO, in 2029. The research team estimates that, if other factors remain unchanged and CJ meets its sales target of 100 billion baht while expanding to 3,200 branches, CBG's domestic energy drink sales would reach about 9.4 billion baht, 3.8% above its previous estimate, and CBG's profit in 2027 is expected to set a new record high, surpassing its previous peak of 3.5 billion baht in 2020. CBG's energy drinks account for about 2.5% of sales within CJ, while CBG's domestic energy drink sales grew continuously from 2023 to 2025, with sales through CJ stores posting average annual growth of 31% and sales through traditional trade channels growing an average of 10%.
Coca-Cola Plans $10 Billion US Investment Through 2030
Coca-Cola Co. plans to invest $10 billion in U.S. infrastructure from 2026 through 2030, expanding its production and distribution network with new or expanded production, distribution and office facilities in California, Colorado, Indiana, Alabama, Michigan, Minnesota, Florida and New York. The $10 billion figure covers the broader Coca-Cola system rather than the company's own capital spending, with the lion's share representing plans by its bottling partners to invest at the local level in manufacturing, distribution and sales, Coca-Cola President and CFO John Murphy told Fortune. Murphy said the investment is a growth strategy rather than a response to tariffs, noting the Coca-Cola system already keeps 98 cents of every dollar spent on its beverages within the U.S. economy. The announcement follows second-quarter revenue of $13.4 billion, up 7% year over year, adjusted earnings of 97 cents per share, and a raised full-year comparable EPS growth forecast of 9% to 10%, up from 8% to 9%, with organic revenue growth seen at about 5%. Coca-Cola said its U.S. system contributed $85 billion to U.S. gross domestic product in 2025, supported nearly 1 million jobs and spent approximately $37 billion with American suppliers, figures from an independent study commissioned by the company.
KGI upgrades beverage sector to Outperform, highlights CBG, OSP and ICHI as top picks
The analyst at KGI Securities (Thailand) Public Company Limited has raised its investment rating on Thailand's beverage sector to "Outperform" from "Neutral," viewing the recent share price decline as an opportunity to re-accumulate, since pressure from higher raw material costs following the escalation of the US-Iran conflict and the third-quarter low season are only short-term factors. The sector's total profit in the second half of 2026 will grow both from the first half and from the same period a year earlier, led by CBG, while third-quarter core profit will still grow year on year on revenue growth and good cost control at OSP and ICHI, despite the weak seasonal factors and higher costs for aluminium, PET resin and gas. Every 10% increase in key raw material costs could cut 2026 profit by roughly 2-6% for every stock in the sector. Nevertheless, fourth-quarter profit should re-accelerate from the previous quarter and from a year earlier, driven by lower raw material costs and better festive-season demand, before margins recover and return closer to normal in the first half of 2027. CBG is the top pick for the fourth quarter, followed by OSP and ICHI, in that order.
KCG first-half profit 276.8 million baht, up 25.2%
KCG Corporation, or KCG, announced its first-half 2026 operating results with a net profit of 276.8 million baht, up 25.2%, driven by efficient management of production costs and expenses despite challenging macroeconomic factors. Chief Executive Officer Dumrongchai Wipawattanakul expressed confidence that profit will continue to grow in the second half. Meanwhile, Sermsang Power Corporation, or SSP, reported a net profit attributable to shareholders of 325.1 million baht and electricity sales revenue of 1,572.1 million baht, following revenue recognition from the Leo 2 solar farm and increased power generation from SPN's repowering. Warut Thammawaranukup noted that business trends in the second half will grow prominently, with plans to sell power from two community waste-to-energy plants by year-end, and expressed confidence that power generation volume will more than double by 2028. Separately, Demco, or DEMCO, reported a first-half 2026 net profit of 30.2 million baht, up 519.4% from the same period last year. Chief Executive Officer Nattapong Korom said the current backlog stands at 2,699 million baht, to be gradually recognized as revenue within 2028, while the company pursues new business investment opportunities. Northeast Rubber, or NER, received an AGM Checklist assessment for 2026 at the excellent level of a full 100 points for the third consecutive year, and Starflex, or SFLEX, received an AGM Checklist score for 2026 in the 90–99 range, or the 4 gold-star level.
PepsiCo Elects Johnson & Johnson CEO Joaquin Duato to Board
PepsiCo announced that its Board of Directors has elected Joaquin Duato as an independent member, effective December 1, 2026. Duato, 64, will also serve on the Board's Audit Committee. He currently serves as Chairman and Chief Executive Officer of Johnson & Johnson, having been CEO since 2022 and Chairman since 2023, and previously held roles including Vice Chairman of the Executive Committee and Worldwide Chairman, Pharmaceuticals after joining the company in 1989. PepsiCo Chairman and CEO Ramon Laguarta said Duato's broad leadership experience will be an important asset as PepsiCo evolves its portfolio and invests in growth opportunities. Robert C. Pohlad, Chair of the Board's Nominating and Corporate Governance Committee, said Duato's expertise in overseeing a large global organization in highly regulated markets will strengthen the Board's oversight.
Diageo whisky supplies face disruption as Cameronbridge workers strike
More than 100 workers at Diageo's Cameronbridge distillery, Europe's largest grain distillery, will walk out from Sept 28 for three weeks in a dispute over plans to cut 10 jobs at the site, threatening supplies of Johnnie Walker, Bell's and Haig whisky. The action could halt production at the factory, which makes the grain spirit used in blends for some of Diageo's best-known whiskies, and marks the first bout of strike action since Sir Dave Lewis announced a sweeping cost-cutting drive at the drinks giant. Sir Dave, nicknamed "Drastic Dave" for his aggressive approach to cutting costs, took over as Diageo's chief executive in January and is targeting $1bn (£750m) of savings; Diageo employed 27,938 people at the end of June, down by almost 2,000 from a year earlier, while it spent $514m on redundancy payments. Unite, the union overseeing the strike, accused Diageo of failing to consult workers properly, with general secretary Sharon Graham saying there is no justification for slashing hundreds of jobs across its operations when it is raking in hundreds of millions of profit. Diageo said the Cameronbridge dispute was limited to 10 roles, with eight people affected because two of the positions are vacant, and that the cuts were necessary because it had reduced production at the distillery and expected to maintain lower levels of grain distillation over the next few years.
Generac Soars 19% on $2.4 Billion Amazon Data Center Generator Deal
Generac struck a deal with Amazon to supply backup power generators for its data centers, with initial deliveries expected to total $2.4 billion between 2027 and 2028, and also granted Amazon the right to buy up to $340 million worth of its stock. Generac shares soared 19% on the news, while Amazon's stock moved 1.3% higher. Fluence Energy shares tumbled 14% after the battery storage maker cut its full-year guidance, now expecting $2.4 billion in revenue for 2026 versus its prior guidance of $2.9 billion to $3.1 billion, and anticipating a loss of $200 million before interest, taxes, depreciation and amortization, more than its previous guidance range of $30 million loss to $10 million EBITDA. Workday rose 5% after CNBC's David Faber reported that efforts to gain financing for a bid to take the cloud-based human resources software platform private are continuing, citing unidentified sources. Tower Semiconductor rose almost 9% after agreeing with privately-held New Photonics to a high-volume shipment of laser-integrated optical engines designed to meet growing demand for high-bandwidth, energy-efficient optical interconnects in AI infrastructure, and Vital Farms climbed 9% after Axios said the Austin, Texas-based pasture-raised egg and butter producer is exploring strategic alternatives, including privatization.
Coca-Cola Commits $10 Billion to U.S. Expansion Through 2030
Coca-Cola has committed $10 billion to expand U.S. production, distribution, and office facilities through 2030. The long-term spending plan comes as the shares have climbed 10.68% over 90 days and 27.13% year to date off a recent close of $87.87, with a 1 year total shareholder return of 34.56% and 3 and 5 year total shareholder returns of 63.92% and 87.91%. The most followed narrative pegs Coca-Cola's fair value at $94.70, framing the U.S. buildout as part of a wider earnings story, with the ramp-up of U.S. fairlife capacity in 2026 and strong international value-added dairy performance cited as drivers. Simply Wall St's model suggests the stock trades about 5.4% below its estimated fair value, though it changes hands at a P/E of 26.4x versus 16.8x for the global beverage group and a 24.7x fair ratio. Risks include reliance on carbonated soft drinks facing health and regulatory pressure, along with input cost swings.
Monster Beverage International Sales Jump 34.6% to $1.16 Billion in Q2 2026
Monster Beverage Corporation's international business surged in the second quarter of 2026, with net sales to customers outside the United States climbing 34.6% to $1.16 billion, or about 46% of total sales, up from roughly 41% a year earlier. On a foreign currency-adjusted basis, international sales rose 29%, with EMEA up 27.2%, Asia-Pacific up 35.7% and Latin America, including Mexico and the Caribbean, up 56.1%. Among key markets, China sales jumped 62.5%, India rose 84% and Brazil advanced 82%. Management said overseas markets generally carry lower gross-margin percentages than the U.S. business, so a rising international mix can weigh on the consolidated margin rate even as it adds profit dollars, while the company also faces inflation in aluminum, freight and fuel. Monster Beverage, which carries a Zacks Rank #3 (Hold), has seen its shares appreciate 38% over the past year and trades at a forward 12-month price-to-earnings multiple of 36.59X, well above the industry average of 19.32X.
Berentzen Confirms Takeover Talks with US Spirits Giant Sazerac
German distiller Berentzen-Gruppe has confirmed it is in talks over a potential sale of the business to US spirits giant Sazerac. In a stock-exchange filing on 16 September, the Frankfurt-listed company said it was negotiating a "voluntary public takeover offer" for all its outstanding shares, and that it would keep the capital markets and the public informed in line with legal requirements. A spokesperson for Sazerac, which owns Buffalo Trace, Southern Comfort and Fireball, declined to comment on market speculation or specific acquisition opportunities. Based in Haselünne in north-west Germany, Berentzen owns brands including Puschkin vodka, Tres Países rum and its namesake fruit-based spirits, and also markets soft drinks. In 2025 the company booked a 10.4% fall in revenue to €162.9m, or $186.8m, while EBIT dropped 19.8% to €8.5m; in the first half of this year revenue fell 11.1% to €71m and EBIT slumped 82.4% to €0.6m, which CEO Oliver Schwegmann attributed to the end of a private-label Bourbon supply contract, ongoing weakness in the German market and soft consumer spending. The move marks the latest M&A target for Sazerac, which in August signed a deal to acquire UK spirits business Au Vodka, completed this week, after fellow US spirits group Brown-Forman rejected an unsolicited takeover proposal from Sazerac in July.
LT Foods to buy Kameda Seika's 49% stake in rice-snacks JV
India's LT Foods is acquiring the remaining 49% stake in its rice-snacks joint venture with Japan's Kameda Seika. In a stock-exchange filing yesterday, LT Foods said it had struck a deal with Kameda Seika to buy its entire holding in Kameda LT Foods (India) Private Limited for Rs11.2m, or $117,026. The purchase lifts LT Foods' stake in the venture from 51% to 100%, making the business a wholly owned subsidiary, with the transaction expected to close by 31 December subject to legal requirements and other customary regulatory filings. Kameda Seika said in a separate disclosure in Japan that after restructuring its North American business and weighing the future of its overseas operations, it determined the share transfer would contribute to the growth of the joint venture and to its medium- to long-term growth strategy. The partners set up the venture in 2017 to manufacture and market rice snacks in India, including Kaki Kari, Krispy Hopu and Okaki; LT Foods said the JV posted turnover of Rs140.3m in the year ended 31 March, against Rs143.2m in 2025 and Rs73.6m in 2024, while Kameda Seika's filing showed net sales of Rs141m and a net loss of Rs121.1m for the same year.
Unite to strike at Diageo's Cameronbridge distillery from September 28
Unite members at Diageo's Cameronbridge distillery in Leven, Fife, will walk out on Monday September 28 in a dispute over jobs, with strike action due to last until just before 6am on Thursday October 15. Different groups of workers, including distillation and process controllers, distillery and machine operators, technicians, quality control analysts, process chemists and engineers, will strike on different days in a series of targeted protests. Unite believes the action will halt production at the site, which it describes as Europe's largest grain distillery and which produces millions of litres of spirit each year. The union says Diageo is to cut hundreds of jobs across Scotland as part of a global restructuring process, with dozens of roles at Cameronbridge potentially lost. Unite general secretary Sharon Graham said there is no justification for slashing hundreds of jobs while the company is raking in hundreds of millions of profit, and deputy Scottish secretary Dougie Maguire warned that if Diageo fails to halt the proposals, strikes will bring production to a standstill. Diageo has been contacted for comment.
WINNER appoints Kanlallus as CEO, succeeding Kanokporn, effective 1 October 2026
Winner Group Enterprise Public Company Limited, or WINNER, disclosed that the company has acknowledged the resignation of Ms. Kanokporn Kriangkraikritsada from the position of Chief Executive Officer, or CEO, effective from 1 October 2026 onwards. Ms. Kanokporn will continue to serve as a company director, an executive director, and a risk management committee member. At the same time, the company's board of directors passed a resolution approving the appointment of Ms. Kanlallus Wongisariyakul as Chief Executive Officer, or CEO, replacing Ms. Kanokporn, also effective from 1 October 2026. Ms. Kanlallus will continue to serve as a company director, an executive director, and a risk management committee member, but will step down from the positions of Managing Director, or MD, and Chief Financial and Accounting Officer, or CFO, effective on the same day.
TKN approves share buyback of 17 million shares worth 80 million baht
The board of directors of Taokaenoi Food & Marketing Public Company Limited, or TKN, has approved a share buyback programme for financial management of no more than 17 million shares, representing approximately 1.23% of the total issued and paid-up shares, under a budget of no more than 80 million baht. The buyback period is set from 22 September 2026 to 21 March 2027. Combined with the existing 15 million repurchased shares, the company will hold a maximum of 32 million treasury shares, or approximately 2.32% of all shares. The research department of Kasikorn Securities Public Company Limited, or KS, holds a slightly positive view on the matter in terms of investment sentiment, and estimates that if the company can complete the full buyback, it would boost earnings per share, or EPS, by approximately 1.3%. On the dividend outlook, KS believes TKN still has the accounting capacity to maintain its payout ratio near its previous level of approximately 90%, as the company has retained earnings in its separate financial statements of 674 million baht. After deducting interim dividends of 191 million baht and the 80 million baht buyback budget, approximately 403 million baht in retained earnings would remain, before including profit expected in the second half of 2026. However, the research department notes that liquidity remains a factor requiring close monitoring, since at the end of June the company had cash of approximately 191 million baht, a level close to the dividends already paid, while operating cash flow in the first half of 2026 was negative due to an increase in inventory. Therefore, the ability to maintain dividend levels near the previous rate going forward will depend mainly on the recovery of operating cash flow and the ability to clear inventory in the second half of 2026.
Nestlé signs memorandum of understanding to buy robusta coffee beans from Thai farmers for the 2026/2027 production season
Nestlé (Thai) Co., Ltd. has announced it will continue purchasing coffee beans from farmers in Thailand. Most recently, it signed a memorandum of understanding to buy robusta coffee beans directly from Thai farmers in the 2026/2027 production season, alongside transferring knowledge and promoting regenerative agricultural practices to raise production efficiency in both quality and output volume. Ms. Salinla Siihaphan, Executive Director of Corporate Affairs and Sustainability at Nestlé (Thai) Co., Ltd., said that this year's collaboration with coffee farmers in the southern region goes beyond the direct purchase of produce that has continued for several decades; it is a long-term joint effort to help farmers develop their potential and adapt to climate challenges. Mr. Thierachai Chukittiwibul, Governor of Chumphon Province, said that Chumphon gives importance to robusta coffee as a key economic crop and is pleased to continue its cooperation with Nestlé in supporting farmers in the area. In addition, Nestlé also held a NESCAFÉ Farmer Day event to pass on coffee cultivation techniques as well as regenerative agriculture to more than 300 farmers from various provinces in the southern region.
Constellation Brands Redeems US$600,000,000 4.350% Senior Notes Due 2027
Constellation Brands has redeemed in full its US$600,000,000 4.350% Senior Notes due 2027, with the cash redemption price calculated under the supplemental indenture terms and communicated to noteholders via the trustee. The early retirement of the fixed-rate debt modestly reinforces the balance sheet story but does not materially change near-term demand risk in the beer business, especially around Hispanic consumer spending. The redemption sits alongside Constellation's ongoing capital return program, including the affirmed US$1.0300 quarterly dividend announced in June 2026 and ongoing buybacks. The company's narrative projects $9.5 billion in revenue and $2.1 billion in earnings by 2029, requiring 1.7% yearly revenue growth and about a $0.3 billion earnings increase from $1.8 billion today, while the most bullish analysts once expected about US$9.9 billion in revenue and US$2.2 billion in earnings. Tariffs, aluminum cost pressures, and softer beer volume growth remain the key risks to that outlook.
Taokaenoi launches CEO KIM brand to tap premium seaweed market with four flavors
Taokaenoi Food & Marketing, or TKN, has launched a new brand, CEO KIM (by TAOKAENOI), to move into the premium seaweed market. Orrapat Peeradechaphan, Chief Executive Officer of TKN, said the company sees an opportunity in the behavior of modern consumers who prioritize quality and are willing to pay more for superior products, and is therefore expanding its portfolio into the premium seaweed segment. The product's key selling point is the selection of high-quality seaweed harvested early in the season, the first harvest lot of each year, which gives it a particularly firm and crispy texture along with a natural umami flavor. CEO KIM (by TAOKAENOI) products come in four varieties: fried seaweed with Hokkaido corn soup flavor, fried seaweed with yuzu flavor, roasted seaweed with classic Japanese sauce, and roasted seaweed with Japanese yuzu sauce. The two fried seaweed flavors are fried in healthy rice bran oil and contain no added MSG. The company expects the new brand to be well received and to become a Product Hero in the premium seaweed category, helping expand its customer base and create new business opportunities, as well as laying the foundation for future overseas market expansion. The products will go on sale from mid-September at 7-Eleven and leading stores nationwide, along with upcoming activities with KOLs and influencers.
TU shares surge 7% as weak baht boosts exports; Bualuang says 2027 is the profit turning point
TU shares rose 7.26% to 13.30 baht, leading subsidiary ITC up 6.67% to 17.60 baht, supported by the baht weakening to 33.38-33.40 baht per US dollar and the onset of the export peak season. Meanwhile, Pi Securities is positive on Britain's move to cut import tariffs on Thai tuna to 0% from 24%, which should support revenue in the second half. Bualuang Securities said TU is entering a new profit cycle after its transition period begins to end, seeing 2027 as the turning point for profits, and raised its 2030 profit forecast by 30%, from 6.1 billion baht to 7.9 billion baht in an upside case, bringing ROE close to 15%, while maintaining a target price of 15.60 baht. The view aligns with TU's Investor Day in August 2026, led by Group Chief Executive Officer Thiraphong Chansiri and new Group Chief Financial Officer Ratiporn Ratcharoen, which indicated that TU is shifting from restructuring to harvesting benefits, with three main strategies over the next three years: expanding revenue, improving cost efficiency, and managing capital expenditure and cash flow cycles with greater discipline.
Haad Thip Elevates Southern Recycling Partnership to Full-Scale rPET Sourcing
Haad Thip Public Company Limited, or HTC, a producer and distributor of beverages under the "Coca-Cola" umbrella across 14 southern provinces, has announced the upgrade of its "Southern Recycling Partnership" project from a pilot initiative launched in 2025 to a full-scale sourcing process for recycled plastic pellets, or rPET. The company signed a memorandum of understanding with Oxitec Company Limited, a specialist in collecting used materials in the South, and Royce Universal Company Limited, a producer of rPET pellets, on 16 September 2026. Under the new framework, Haad Thip can send purchase orders to Royce Universal through a single point, with Royce Universal coordinating with Oxitec to procure raw materials, which may be PET bottles processed into flakes or compressed into bales, and then transport them to Royce Universal's plant in Nakhon Pathom Province to be produced into rPET pellets before Haad Thip takes them back to make new packaging at its Phunphin plant in Surat Thani Province. During discussions to develop this partnership, Haad Thip has already ordered as much as 1,000 tonnes of rPET pellets from Royce Universal, compared with the pilot phase that ended in the second quarter of 2026, which was able to bring used PET bottles from the South back into production of roughly 100 tonnes of rPET pellets, in line with the target set. Major General Patchara Rattakul, Chief Executive Officer of Haad Thip, said that volatility in the PET market stemming from the situation in the Middle East has driven virgin PET prices up sharply, making it important to have diverse raw material sourcing options, as rPET is competitively priced and meets sustainability goals. Dr. Seksan Udomsri, Chief Executive Officer of Oxitec, said the partnership will help more PET bottles enter the recycling process and serves as an important foundation for compliance with the principle of Extended Producer Responsibility for the collection of used packaging, on which the Thai government is currently considering draft legislation. Mr. Thatchawat Techamongkolchit, Chief Executive Officer of Royce Universal, said that this partnership, developed from a pilot project with a target of just a hundred tonnes into a full business process, proves that bottle-to-bottle recycling can truly happen. Haad Thip has adjusted its operating targets in line with The Coca-Cola Company, aiming to use 35-40% recycled material in primary packaging and to support the collection of 70-75% of the bottles and cans it puts on the market by 2035.
TU shares surge 5.65% on UK tariff cut for Thai tuna to 0%
Shares of Thai Union Group, or TU, rose 5.65% to 13.10 baht, up 0.70 baht, with trading value of 217.61 million baht, from an opening price of 13.00 baht, a high of 13.30 baht and a low of 12.90 baht. Pi Securities said TU has several positive factors in the second half, expecting it to enter its export peak season, and it also benefits from the weaker baht and from the United Kingdom cutting its import tariff on Thai tuna to 0% from 24%, which will support revenue growth in the second half. Meanwhile, Yuan Ta Securities views TU's rise after a long consolidation as turning the stock's price trend back to sideways-up, after the price climbed to test the upper range near 13.20 baht.
KKPS upgrades ITC to Buy with 18.70 baht target, shares jump 6%
Shares of i-Tail Corporation Public Company Limited, or ITC, stood at 17.50 baht, up 1.00 baht or 6.06%, on trading value of 169.30 million baht, after Kiatnakin Phatra Securities Public Company Limited, or KKPS, raised its recommendation on ITC to Buy from Underperform and lifted its target price to 18.70 baht from 14.70 baht, saying the previous pressures are beginning to ease, including the profit outlook, gross margin and dividend payments. The research team said the earlier concerns centered on two issues: the outlook for gross margin and profit from premium product lines, and a dividend payout ratio that could come in below expectations. Both factors are now showing improvement. For its second-quarter 2569 results, ITC posted an adjusted gross margin of 24.0%, above the expected 23.2%, while pet food exports to the United States grew faster than expected on higher average selling prices, particularly in the cat food segment. KKPS therefore raised its gross margin forecasts for ITC in 2569 to 2571 by an average of 0.6 percentage points and lifted its normal profit forecasts for the same period by 5.8%. On dividends, KKPS had previously expected ITC to pay out about 70%, but ITC paid a dividend for the first six months of 2569 of 0.55 baht per share, a payout ratio of about 95%. The research team thus raised its dividend payout forecasts for ITC in 2569 to 2571 to an average of 85% from 70%. ITC shares trade at a 2569 P/E of about 15 times, below the average of 29.4 times for OEM pet food producers in China. Return on equity for 2569 is expected at 13.8%, above the group average of 8.6%, while return on assets for 2569 is expected at 12.2%, above the group average of 5.4%. Earnings per share for ITC in 2569 are expected to grow 12%.
TKN approves 17 million share buyback worth 80 million baht, starting September 22
The board of directors of Taokaenoi Food & Marketing, or TKN, has approved a share buyback program for financial management of 17 million shares, representing 1.23% of total capital, with a total budget of 80 million baht. The company will buy back shares on the stock exchange from September 22, 2026 to March 21, 2027. News of the buyback program boosted the share price this morning, September 17, 2026, rising to a high of 4.26 baht before trading around 4.22 baht, up 0.08 baht, or 1.93%, as of approximately 10:45 a.m.
KKPS upgrades TU to "Buy" with 16 baht target, expects EPS to grow an average 18% per year
Kiatnakin Phatra Securities, or KKPS, has raised its recommendation on Thai Union Group, or TU, from "Hold" to "Buy" and lifted its target price from 13.30 baht to 16.00 baht, saying the current share price of 12.40 baht still offers attractive upside. Today at 10:14 a.m., TU shares stood at 13.10 baht, up 0.70 baht, or 5.65%, with a high of 13.30 baht and a low of 12.90 baht on turnover of 214.97 million baht. The research team sees two key points in the investment case for TU: the core business excluding ITC is undervalued relative to the value of its stake in i-Tail Corporation, or ITC, and the core business looks set to shift from a drag on earnings to a driver of growth going forward. TU holds a 79.3% stake in ITC. After deducting the value of the ITC shares TU holds from TU's total market value, the core business excluding ITC is left with a value of roughly 7.0 billion baht, equivalent to a P/E of just 3.5 times for 2026, even though that business generates 42% of total profit in 2025 and is expected to rise to 47% in 2028. The research team expects the net margin of the ex-ITC business to rise from 1.7% in 2026 to 2.3% in 2028, supporting earnings per share growth averaging 18% a year over the next three years. KKPS also expects TU's ROA to rise from 2.6% in 2025 to 3.7% in 2028, and has raised its normalized earnings forecasts for 2026 to 2028 by an average of 16%. On dividends, it estimates TU will offer a dividend yield of 5.9% in 2026 and 6.7% in 2027, while its P/E estimate falls from 10.02 times in 2026 to 7.73 times in 2028. KKPS also issued a research report on ITC in parallel and raised its recommendation to "Buy" as well, as the two companies are linked through their shareholding structure and operating results.
TKN approves buyback of 17 million shares worth 80 million baht, starting September 22
Taokaenoi, or TKN, has approved a share buyback programme worth up to 80 million baht, for a maximum of 17 million shares, representing no more than 1.23% of total issued and paid-up shares. Buying will begin on September 22, 2026 and run through March 21, 2027, via the automatic matching system of the Stock Exchange of Thailand. Jirapong Suntipiromkul, Deputy Managing Director of Taokaenoi Food & Marketing Public Company Limited, said the board meeting No. 6/2026 on September 16, 2026 approved the programme, setting the buyback price at no more than 115% of the average closing price over the five trading days preceding each buyback. The 30-day weighted average closing price from August 4 to September 15, 2026 stood at 4.28 baht per share. The company cited the need to build confidence in its financial position, profitability and business potential, as well as to improve shareholder returns through capital structure management, which may help raise return on equity and earnings per share. TKN previously carried out a buyback in 2025 for 15 million shares, or 1.09% of total issued and paid-up shares, spending a total of 127.30 million baht and completing the purchases on January 24, 2025. If the new programme buys the full 17 million shares, the company will hold cumulative treasury shares of no more than 32 million shares, or 2.32% of total issued and paid-up shares.
Finansia Syrus Securities Public Company Limited, or FSS, has maintained its buy recommendation on GFPT Public Company Limited, or GFPT, and raised its 2027 target price to 13 baht per share, citing an earnings recovery driven by higher chicken prices and export growth expected to return in 2027. FSS has revised up its GFPT profit forecasts for 2026-2027 by 13-15%. In addition, capacity expansion and an expected share of profit from GFN and McKey of approximately 600-800 million baht per year will support long-term growth. GFPT is still trading at a 2026 P/E of around 5.7 times, which is considered an inexpensive valuation. Key risks to monitor include competition from Chinese operators and volatility in animal feed costs.
TKN approves share buyback of 17 million shares worth 80 million baht, starting 22 September 2026
Taokaenoi Food & Marketing Public Company Limited, or TKN, has informed the Stock Exchange of Thailand that its Board of Directors, at its 6/2026 meeting held on 16 September 2026, approved a share buyback programme for financial management purposes with a maximum value of no more than 80 million baht and a maximum number of shares to be repurchased of no more than 17,000,000 shares, representing no more than 1.23% of total issued and paid-up shares. The buyback will be conducted through automatic matching in the trading system of the Stock Exchange of Thailand, with the period set from 22 September 2026 to 21 March 2027. The company stated that it previously carried out its first share buyback programme in 2025, between 13 January 2025 and 11 July 2025, representing 1.09% of total issued and paid-up shares. If it repurchases the full maximum of 17,000,000 shares under this programme, the company will hold no more than 32,000,000 treasury shares in total, or 2.32% of total issued and paid-up shares, which remains within the prescribed criteria. The company will refrain from buying back shares during the 30 days before and within 48 hours after the disclosure of information that may affect the rights or benefits of securities holders, investment decisions, or changes in securities prices, and will comply with the guidelines and requirements of the Stock Exchange of Thailand in a transparent manner.
TKN approves share buyback of up to 80 million baht, starting September 22, 2026
The board of directors of Taokaenoi Food & Marketing Public Company Limited, or TKN, has approved a share buyback program for financial management purposes with a maximum budget of 80 million baht, covering no more than 17 million shares, or 1.23% of total issued and paid-up shares. The buyback will take place on the stock exchange from September 22, 2026 to March 21, 2027. Previously, the company carried out its first buyback program in 2025, from January 13, 2025 to July 11, 2025, with a size equal to 1.09% of total issued and paid-up shares. If the company repurchases the full maximum of 17 million shares under this program, its total treasury shares will not exceed 32 million shares, or 2.32%, which is within the 20% limit of total issued and paid-up shares. The company will refrain from buying back shares during the 30 days before and within 48 hours after the disclosure of information that may affect the rights or benefits of securities holders or their investment decisions.
TKN approves share buyback worth 80 million baht, no more than 17 million shares
Taokaenoi Food & Marketing Public Company Limited, or TKN, announced that its board of directors meeting approved a share buyback program for financial management, with a maximum budget of no more than 80 million baht and a maximum of 17 million shares, or 1.23% of total issued and paid-up shares. The company will buy back shares through the Stock Exchange of Thailand's Automatic Order Matching system from September 22, 2026 to March 21, 2027. If it purchases the full amount, the company will hold treasury shares totaling no more than 32 million shares, or 2.32% of total issued and paid-up shares, which includes the first program in 2025 that already bought back 1.09%.
TKN approves share buyback of 17 million shares worth 80 million baht, starting 22 September 2026
Taokaenoi Food & Marketing Public Company Limited, or TKN, informed the Stock Exchange of Thailand that its Board of Directors meeting No. 6/2569 on 16 September 2026 resolved to approve a share buyback programme for financial management with a maximum value of not more than 80 million baht. The number of shares to be repurchased is not more than 17 million shares, representing not more than 1.23 percent of all issued and paid-up shares. The purchases will be made through automatic matching via the exchange's trading system, with the period set from 22 September 2026 to 21 March 2027. Mr. Jirapong Santiphiromkul, Deputy Managing Director, stated that the company previously carried out its first share buyback programme in 2025, between 13 January and 11 July 2025, representing 1.09 percent of all issued and paid-up shares. If the full maximum of 17,000,000 shares is repurchased under this programme, the company will hold treasury shares totalling not more than 32,000,000 shares, or 2.32 percent, which does not exceed 20 percent of all issued and paid-up shares. The company will refrain from buying back shares during the 30 days before and within 48 hours after the disclosure of information that may affect the rights or benefits of securities holders or their investment decisions.
TKN approves share buyback of 17 million shares, worth 80 million baht
Taokaenoi Food & Marketing, or TKN, announced that its board of directors, at its sixth meeting of 2026 held on September 16, 2026, approved a share buyback program for financial management purposes with a budget of no more than 80 million baht. The company will buy back no more than 17 million shares, representing no more than 1.23% of all issued shares. The buyback program will run from September 22, 2026 to March 21, 2027.
SUN launches Sun Pack project to package sweet corn in paper boxes, production to begin this November
Sunsweet Public Company Limited, or SUN, is preparing to begin testing the systems and machinery of its Sun Pack project, a project to install machinery for packaging sweet corn in paper box packaging, in October 2026. The machinery has already been moved into the factory area and is currently being installed. Production is expected to begin in November 2026, before entering the process of obtaining various standards certifications. As Weera Noppawatanakorn, Director of the Accounting and Finance Department, told Than Hoon, the company expects to begin commercial sales and deliver products to customers at the earliest by the end of 2026, or at the latest in early 2027, and will begin recognizing revenue from the project from early next year onward. Some orders have already begun to come in, and the company has started ordering production of boxes according to the specified design. If the market responds well, it may consider investing in a second set of machinery in the future. The installation of the new machinery does not significantly affect the overall capacity utilization rate. Currently, SUN has total production capacity of approximately 300,000 tons per year and a capacity utilization rate of approximately 50%. Meanwhile, in mid-October, which coincides with the vegetarian festival, the company expects demand for its products to increase from normal levels, since its main products are plant-based products that appeal to vegetarian food consumers. At the same time, the company is maintaining its revenue growth target for 2026 at approximately 10-15%, supported by the weakening of the baht, which helps increase its export competitiveness.
Asia Plus upgrades CBG to Buy with 59 baht target on CJ MORE synergy
Asia Plus Securities upgraded CBG to Buy from Trading while maintaining its 2027 target price of 59.00 baht, based on a PER of 16.9 times, after Mr. Sathien Sathienthamma, an executive and major shareholder of CBG and of C.J. Express Co., Ltd., the operator of the CJ MORE convenience store business, revealed a plan to list CJ MORE on the stock exchange within 2029. CJ MORE has averaged 31% annual revenue growth over the past three years, reaching 77 billion baht in 2025, and targets revenue of 80 billion baht in 2026 and 100 billion baht in 2027, driven by expanding its branches from about 2,000 in 2025 to 2,500 in 2026 and 3,200 in 2027. Although CBG does not hold a stake in CJ MORE, the research team views the store network's expansion as an indirect positive through synergies, including adding a distribution channel for Carabao energy drinks, for which CBG currently derives only about 12% of total revenue from modern retail channels; building brand awareness for OEM products such as LoveZa, which has begun selling in CJ MORE stores; and increasing revenue from packaging sales to Tawandang 1999 Co., Ltd. As for the 2026 normal profit forecast of 3.1 billion baht, up 9% YoY, there may be downside from cost pressure due to the war, but the research team expects profit to still grow well YoY in 3Q26 and accelerate to its annual peak in 4Q26.