Soft Drinks & Non-alcoholic Beverages

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.

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 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.

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.

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.

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.

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.

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.

Celsius Holdings director Damon DeSantis purchased 36,000 shares of common stock at a weighted average price of $27.78 per share, a transaction valued at $1.0 million, according to an SEC Form 4 filing. The acquisition was completed in multiple transactions at weighted average prices ranging from $27.60 to $27.95 across a two-day trading window. Following the purchase, DeSantis directly holds roughly 2.7 million shares, a position valued at $75.38 million based on the September 15, 2026 market close of $27.63. The Boca Raton, Florida-based beverage company carries a market capitalization of $7.2 billion, with trailing twelve month revenue of $3.0 billion and net income of $110.2 million. Celsius, which acquired the women-focused energy drink brand Alani Nu for a net purchase price of $1.65 billion last year, is expected to boost sales 18% to $3.2 billion in fiscal 2026 while quintupling net income to around $330 million, even as its share price has fallen more than 50% over the past year.

Celsius Holdings Lead Director Hal Kravitz purchased 12,000 shares of common stock for $336,000 on September 15, 2026, according to an SEC Form 4 filing. The purchase was executed at $28.00 per share, a premium to the $27.63 closing price that day, and raised Kravitz's directly held position by 5% to 239,158 shares, a stake valued at $6.61 million and equal to 0.0936% of the company. The filing reported no indirect holdings through trusts or LLCs and no other share classes. Celsius, which develops and distributes functional energy beverages, reported trailing twelve-month revenue of $3.0 billion and net income of $110.2 million, with a market capitalization of $7.2 billion, while its stock had a one-year return of -51% as of September 15, 2026. The company is expected to boost sales 18% to $3.2 billion in fiscal 2026 and quintuple net income to around $330 million, after acquiring the women-focused energy drink brand Alani Nu for a net purchase price of $1.65 billion and seeing Alani Nu surpass $1 billion in sales, up 72% year-over-year.

Coca-Cola received conditional approval for Coca-Cola HBC to acquire a majority stake in Coca-Cola Beverages Africa, opening access to 14 additional African markets. Management also announced a US$10b commitment to invest in U.S. infrastructure across manufacturing and distribution over a multi year period. The African bottling deal pulls 14 more African territories closer to one listed bottler that already works tightly with Coca-Cola, which can simplify decisions on pricing, marketing, and product mix while reinforcing the parent company's asset light model. The key marker ahead is how Coca-Cola and Coca-Cola HBC frame financial and operational targets for the enlarged African footprint when they give future guidance and integration updates. On the U.S. side, investors can track how much of the US$10b infrastructure commitment is allocated annually between 2026 and 2030 and whether it links to specific capacity or distribution milestones.

Osotspa Public Company Limited, or OSP, has announced its Phase 2 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 pillars of Environmental Sustainability, Human Sustainability, Corporate Sustainability and Business Sustainability. Chief Executive Officer Mukda Pairatchawet said the drive through these 7 key sustainability areas covers operations throughout the value chain, from supply chain management and resource management in production processes to product development, post-consumption packaging management and personnel development. The targets toward 2030 include reducing Scope 1 and Scope 2 greenhouse gas emissions by 50% from a 2022 base year and raising the share of renewable energy to 17%, while advancing toward Net Zero 2050; controlling the Water Use Ratio in beverage production at 3.983; making 100% of packaging recyclable or biodegradable once technology allows, while collecting 625,000 tons of cullet back into the production process; putting 100% of production waste to higher-value uses; and keeping food loss and food waste to no more than 2.90% of total production volume. Other goals include ensuring 95% of domestic beverage products contain no more than 5 grams of sugar per 100 milliliters, setting an Annual Talent Retention target 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.

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.

Coca-Cola plans to invest $10 billion through 2030 in US infrastructure, including expanded production facilities, distribution, and offices, President and CFO John Murphy said. Speaking with Yahoo Finance, Murphy said the company does not see AI taking jobs as "the path forward for our business," describing Coca-Cola as a physical business that will demand a lot of labor for a long time to come. He said the company will still leverage technology to operate more efficiently, but expects its ecosystem to remain a large employer of people at the local level, both upstream and downstream. Coca-Cola supports about 1 million jobs across the US, and Murphy said growth will be the primary driver of future benefits, with labor among the beneficiaries. On the US consumer, he said the economy has been fueled by a certain segment of the consumer base while other segments remain under pressure, and that the company's revenue growth management capabilities let it offer Coca-Cola at different price points and packages across channels.

UBS has named Coca-Cola its top pick in the beverage, household and personal-care group, positioning the company as a preferred defensive trade as rising bond yields and falling equities shake markets. The bank highlighted Coca-Cola's quarterly dividend of $0.53 per share, which translates into a roughly 2.39% yield at current prices, and argued that the stock's premium relative to history is warranted given its earnings visibility and upside, even after a nearly 30% rally this year. Coca-Cola reported second-quarter revenue of $13.4 billion, up 7% from a year earlier, while organic revenue increased 6%, global unit-case volume rose 5%, and comparable earnings per share climbed 11% to $0.97. Comparable operating margin also expanded to 35.6% from 34.7%. The company raised its 2026 outlook, now expecting organic revenue growth of about 5% and comparable EPS growth of 9% to 10%, and forecasts approximately $12.4 billion of free cash flow for the year.

Coca-Cola Co. is spending an additional $10 billion into its U.S. business, with most of the money going toward increasing production capacity between now and 2030. The beverage giant, whose brands include Coke and Sprite, already has a large U.S. footprint, and the company said the investment reflects its motivation to spend at home rather than merely preserve what it has. Investors did not celebrate the news, with shares trading lower Tuesday afternoon. The payoff will take time, and the question now is what Coca-Cola does with the money and whether the expenditure delivers another leg of growth in a market it has dominated for decades.

Philip Morris International reported second-quarter revenues of $11.19 billion, up 10.4% year on year and 5.5% above analysts' consensus estimates, the biggest estimate beat among the 13 beverages, alcohol, and tobacco stocks tracked. Vita Coco posted the group's best quarter, with revenues of $216.2 million, up 28.1% year on year and 3% ahead of expectations, and the highest full-year guidance raise among its peers, though its stock is down 22.7% since reporting and trades at $57.55. Celsius delivered the weakest performance against estimates, with revenues of $817.9 million, up 10.6% year on year but 6.2% short of expectations, missing significantly on EBITDA and EPS, and its stock is down 2.3% at $28.48. Zevia reported revenues of $45 million, up 1.1% year on year and 1.8% above expectations, while Boston Beer's revenues of $568.3 million fell 3.3% year on year and were in line with expectations. As a group, the 13 stocks beat consensus revenue estimates by 1% and guided next-quarter revenue 2.2% above, yet their shares are down an average of 7.1% since the latest results.

U.S. beverage giant Coca-Cola said on the 15th that it plans to invest $10 billion in infrastructure in the United States, one of its largest markets, between 2026 and 2030. The investment includes projects already announced in California, Colorado, Alabama, New York and other states. Chief Financial Officer John Murphy told Fortune on the 14th that the $10 billion is not the company's own capital expenditure figure alone but a system-wide number that also includes investment by partner companies in the bottling business. In July, the company had projected capital expenditure of about $2.2 billion for the current fiscal year. The Coca-Cola system includes the company and its bottling partners, and according to the company, system-wide transactions with U.S. suppliers amount to about $37 billion, while it contributed $177 million to community programs together with the Coca-Cola Foundation and the Coca-Cola Scholars Foundation.

PepsiCo's intensified productivity agenda is emerging as a key lever for margin improvement as the company navigates inflation, softer North American demand and continued growth investments. In the second quarter of 2026, core operating profit rose 4%, driven primarily by productivity savings and effective net pricing, though the core operating margin declined 40 basis points as higher operating costs offset some of those benefits. International margins expanded on strong revenue growth and productivity savings, while North American margins contracted due to affordability investments and unfavorable volume and channel mix. PepsiCo expects higher input-cost inflation in the second half versus the first half, but management believes record productivity savings, together with tariff refund claims, should mitigate a significant portion of higher costs and incremental growth investments. Among peers, Coca-Cola's second-quarter 2026 comparable gross margin rose about 120 basis points and its operating margin increased roughly 90 basis points, while Keurig Dr Pepper drove 100 basis points of SG&A leverage and lifted U.S. Refreshment Beverages operating income 11.9%, and remains confident in achieving $400 million in cost synergies. PepsiCo shares have lost 6.6% in the past three months against the industry's rise of 1.4%, and the stock trades at a forward price-to-earnings ratio of 15.38X versus the industry's average of 19.22X.

Mr. Sathien Sathienthamma, Chief Executive Officer of Carabao Group Public Company Limited, or CBG, revealed that the company aims to take its CJ MORE business public within 2029, and is currently still considering whether to list on the Thai stock exchange or a foreign one, after several overseas exchanges approached it, including Hong Kong's Hang Seng exchange, the Singapore Exchange, and the NASDAQ in the United States. For CJ MORE's operating direction in 2026, the company has set a sales target of 80 billion baht, after generating 50 to 60 billion baht in sales over the past eight months, and it is maintaining its goal of reaching 100 billion baht in sales by 2027. It will add another 700 branches, up from 500 branches added this year. By the end of this year, CJ MORE is expected to have a total of 2,500 branches nationwide, up from 2,100 at present. The company is currently adjusting its product model, especially in the fresh and soft-serve categories, which previously involved a partnership with a Chinese partner but was found to have limitations in quality and standard control, so it has switched to working with a leading manufacturer and product developer from Japan to jointly develop products and improve quality further. In addition, CJ MORE has launched the "CJ STAR, Good Products with Stars" project, aiming to create opportunities for good products from communities across the country and small operators through a network of more than 2,100 CJ MORE stores covering more than 60 provinces, starting with a network of more than 538 CJ MORE stores in the central, eastern, and western regions. At present, 14 operators have received stars, covering 21 product items, which will be sold in the prime "CJ STAR, Good Products with Stars" area in CJ MORE stores.

Sathien Sathienthamma, Chief Executive Officer of Carabao Group Public Company Limited, or CBG, revealed that the company aims to list its CJ MORE business on the stock exchange by 2029, even though it had previously postponed plans to take the company public in Thailand. It is currently still considering whether to list on the Thai stock exchange or a foreign exchange, after several overseas markets approached it with invitations, including the Hang Seng exchange in Hong Kong, the Singapore exchange, and the NASDAQ in the United States. However, no decision has been made on which market to choose, because the company wants to focus on expanding growth amid a domestic economy that has not yet recovered and slowing purchasing power. As for CJ MORE's target for 2026, it has set a sales goal of 80 billion baht, which it is confident it can achieve, after generating sales of 50 to 60 billion baht over the past eight months. It is also maintaining its target of reaching 100 billion baht in sales by 2027, by adding another 700 branches, up from 500 branches added this year. It expects to have a total of 2,500 CJ MORE branches nationwide by the end of this year, up from 2,100 branches at present. The average investment for expanding each branch is 9 to 10 million baht, which does not yet include investment in a new warehouse that may be considered for the North or the South in 2027. Meanwhile, rising oil prices affect the costs of the CJ business and the Carabao group by only 0.5%, which is considered manageable. In addition, the company is pressing ahead with its CJ STAR project, a star-rating program for good products, which currently has 14 operators that have received star ratings, covering 21 product items. These have begun selling through a network of more than 538 CJ MORE stores in the central, eastern, and western regions, and are ready to expand to a network of more than 2,100 CJ MORE stores already in operation, covering more than 60 provinces nationwide.

Coca-Cola said its digital strategy is now tied to measurable commercial outcomes, with management placing digital "at the core of every connection" across consumer, customer and enterprise priorities. The clearest proof point came from the 2026 FIFA World Cup campaign, where connected packaging, digital activations and localized engagement helped Coca-Cola collect more than 25 million first-party data points and generate above 9 billion digital and social media views. Management linked those capabilities to business momentum, saying World Cup activation contributed to 5% volume growth in second-quarter 2026 for Trademark Coca-Cola, its strongest quarterly growth in 17 years excluding COVID-19 recovery, while Powerade volume rose 8% globally and venue incidence exceeded 80% across 16 host cities. Coca-Cola also plans to reuse the tournament's first-party data to sharpen future campaigns such as Coke and Meals and Powerade moments. Management stopped short of isolating digital's precise financial contribution, acknowledging the World Cup impact was difficult to quantify because weather, easier comparisons and broader execution also supported the results. PepsiCo is advancing automation, digitalization and simplification to improve productivity and operating leverage while using always-on digital and social content around platforms such as Formula 1 and the FIFA World Cup, though North America beverage organic volume declined 4% in second-quarter 2026. Monster Beverage increased spending on social and digital media and launched its "Unleash the Beast" campaign across connected TV, programmatic, social and retail media, while second-quarter 2026 net sales jumped 20.2%.

T.A.C. Consumer Public Company Limited, or TACC, is awaiting approval of the criteria to move its trading to the Stock Exchange of Thailand, or SET, with a minimum shareholders' equity requirement of 800 million baht, compared with 858 million baht as of the second quarter of 2026, and will consider paying an interim dividend after the move. The research division of Krungsri Securities Public Company Limited maintains its full-year payout ratio assumption at 85%, the same as the previous year, equivalent to a dividend of 0.50 baht per share, giving a dividend yield of about 7.6%. In a worst-case scenario, however, if the company chooses to maintain minimum shareholders' equity of 800 million baht every quarter, the 2026 dividend would fall to about 0.35 baht per share, a payout ratio of 59% and a dividend yield of about 5.2%. As for the earnings outlook for the second half of 2026, the research division expects it to be close to its forecast, with profit still growing compared with the same period last year but declining from the first half, and it expects the third quarter of 2026 to still have a chance of growing from the previous quarter, driven by both the 7-Eleven channel and the Thai coffee brand, as well as additional new product launches. On new products, the company plans to launch alkaline water under the EIGHT PLUS brand in late the fourth quarter of 2026, with TACC holding an 80% stake in the business and recognizing revenue from sales, while the remaining 20% is held by a partner that is a manufacturer. It will offer a variety of sizes, from small 250-milliliter bottles up to 1.5-liter sizes, about six to seven SKUs in total, in both PET and glass bottles. The company has not yet set a revenue target for the alkaline water business, while the overall alkaline water market is worth about 1.5 billion baht a year and is growing at a high rate, with ICHI one of the major players in the market and targeting alkaline water revenue of about 1.2 billion baht. The research division has a neutral view on the matter, expecting the alkaline water product to have a margin close to the previous average of about 30-35%, and it maintains its 2026 normal profit forecast at 360 million baht, up 13% year on year, while keeping its buy recommendation and a 2027 target price of 7.40 baht based on a P/E of 11 times, while the stock trades at a 2026 P/E of about 11.2 times, or -1.3 standard deviations, and is expected to offer a high dividend yield of about 7.6%.

Vita Coco has acquired Copra, a producer of super-premium Thai Nam Hom coconut water, in a $175 million deal that includes a factory in Thailand and an extract-and-fill-on-site model. Copra grew net sales at a 48% compound annual rate over three years and should clear $100 million this year, and the deal's earnout has a floor of $45 million and a cap of $100 million based on 2028 results. Vita Coco paid roughly 1.75 times what Copra expects to bring in this year, with the upfront price near seven times profits based on about $25 million in EBITDA. The stock is down roughly 40% from its June peaks, and insiders sold about 343,900 shares worth roughly $27.4 million, including a $1.25 million sale by Chief Executive Martin Roper in April, though no insider has sold since the Copra deal closed. Management expects full-year gross margin to settle closer to 40% as tariff refunds and freight savings fade.

Ito En's first quarter of the fiscal year ending April 2027 saw revenue of 135.1 billion yen, up 3.3% year on year, and operating profit of 10.2 billion yen, up 22.0%. Ordinary profit came to 10.1 billion yen, up 13.4%, while quarterly net profit attributable to owners of the parent was 6.5 billion yen, up 14.8%. According to the company, sales held firm on the back of the effect of price revisions carried out in Japan and overseas, while restrained promotional spending and lower depreciation costs following the impairment of its vending machine business in the previous fiscal year pushed up profit. First-quarter depreciation was 1.6 billion yen, down from 2.2 billion yen a year earlier. The company left its full-year forecast for the fiscal year ending April 2027 unchanged at 20 billion yen in operating profit, down 7.8% from the previous year, meaning the first-quarter figure of 10.2 billion yen represents 51.0% progress toward the full-year forecast. ROE for the fiscal year ended April 2026 was 2.0%, far below the industry median of 6.7% for 97 food companies, a result of an impairment loss of 14.8 billion yen that cut net profit to 3.4 billion yen, down 75.5%.

Keurig Dr Pepper Inc. agreed to sell its entire equity stake in Chobani back to the yogurt maker for $800 million and transfer an Allentown, Pennsylvania, manufacturing facility and warehouse for approximately $125 million, generating approximately $925 million in pre-tax proceeds. The company intends to use the net proceeds to lower debt ahead of its planned separation into two independent, US-listed companies for its coffee and refreshment-beverage operations, a priority that follows its $18 billion acquisition of JDE Peet's, completed in April. Chobani plans to invest approximately $1.2 billion in the Allentown facility over the next five years as it develops milk containing more protein and less sugar than traditional milk. The companies will keep their commercial relationship, with KDP continuing to distribute La Colombe ready-to-drink lattes and other Chobani-owned beverages through its direct-store-delivery network, and Chobani manufacturing certain KDP products at the Allentown site for a defined transition period under a co-manufacturing agreement. The transactions are expected to close in the third quarter of 2026, subject to customary closing conditions.

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.

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.

Yuanta Securities has raised its fair value for CBG to 81.00 baht, maintaining a "Buy" recommendation and selecting it as a top pick for the sector in 4Q26. The brokerage expects earnings to return to year-on-year growth from 3Q26 onward, driven by the turnaround of loss-making businesses, growth from new product launches, and revenue from Cambodia, which is currently factored in at only 20.0% of normal levels. Preliminary normal profit for 3Q26 is estimated at 700-740 million baht, flat to slightly down quarter-on-quarter but up year-on-year. Revenue is expected to continue growing both quarter-on-quarter and year-on-year, supported by domestic business expansion across all segments due to new products and channel expansion, as well as the full-quarter benefit from the "Thai Helps Thai Plus" program. Overseas revenue may decline quarter-on-quarter due to the low season in Myanmar, but should still show strong year-on-year growth thanks to the new plant in Myanmar established in late 2025. Gross profit margin may decline to 25.0% from 26.4% in 2Q26, reflecting the full-quarter impact of higher energy and packaging costs. The brokerage maintains its 2026-2027 normal profit forecasts at 2,712 million baht (-4.4% year-on-year) and 3,124 million baht (+15.2% year-on-year), the highest in six years. There is also upside risk from the recovery of the Cambodian business, revenue recognition from "starter culture" in China, and potentially better-than-expected profit contributions from subsidiaries.

Keurig Dr Pepper Inc. announced on September 1 that it will sell its entire equity stake in Chobani back to the yogurt maker for $800 million, plus a manufacturing facility and warehouse in Allentown, Pennsylvania, for $125 million, a combined $925 million. The sale unwinds KDP's investment in Chobani, which originated from its 2023 investment in La Colombe, later acquired by Chobani for $900 million. Chobani plans to invest about $1.2 billion over five years in the Allentown site, creating more than 900 jobs as part of a broader $4 billion investment across its manufacturing network. The divestiture continues KDP's portfolio reshaping since its $18 billion acquisition of JDE Peet's closed in April, and comes as the company prepares to split into two separate public companies, Beverage Co. and Global Coffee Co., targeted for early 2027. KDP will retain distribution rights for Chobani-owned beverages like La Colombe ready-to-drink lattes and maintain its La Colombe K-Cup licensing deal.

T.A.C. Consumer Public Company Limited (TACC) signals continued growth in the second half of 2026, adjusting its full-year revenue target to growth of more than 10% from the previous year, supported by new product development with key partner 7-Eleven, expansion of both B2B and B2C customer bases, and efficient cost management. Meanwhile, the company has invested in Betterbeam Food Company Limited, owner of the Thai tea brand "Chan Ja Gin Cha Yen Thook Wan" (I will drink iced tea every day), acquiring a 30% stake for 45 million baht to create a New S-Curve and expand into the B2C market, part of its long-term growth strategy. In addition to this investment, TACC is also looking for merger and acquisition (M&A) opportunities and joint ventures (JV) that can create synergies with its existing business. Mr. Chatchavee Wattanasuk, Chief Executive Officer, believes the second half of the year remains promising, and expanding cooperation with 7-Eleven internationally is another channel to increase market size and generate new revenue in the future.

Yuanta Securities (Thailand) expects CBG's normalized profit for Q3/2026 to be 700-740 million baht, flat or slightly down from the previous quarter, but returning to growth year-on-year, driven by continued revenue growth both domestically and internationally. In particular, the domestic business is expanding across all segments due to new product launches and expanded distribution channels. Meanwhile, international revenue may decline slightly from the previous quarter due to the low season in Myanmar, but it is still growing strongly year-on-year thanks to the new factory in Myanmar. The gross margin is expected to decline to 25.0% from 26.4% in Q2/2026, due to higher energy and packaging costs for the full quarter. The share of losses from ICUK is expected to continue to decrease. For Q4/2026, profit is expected to return to growth both quarter-on-quarter and year-on-year, as the festive season begins and the low season in Myanmar passes. The company maintains its normalized profit forecasts for 2026-2027 at 2,712 million baht, down 4.4%, and 3,124 million baht, up 15.2%, the highest in six years. It also raises the fair price to 81 baht, maintains a "Buy" recommendation, and selects CBG as a top pick in the sector for Q4/2026.