KGI upgrades beverage sector to Outperform, highlights CBG, OSP and ICHI as top picks

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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.

Impact on stocks 3

Consumer Staples▲ · 3 stocks
Osotspa Public Company Limited
OSP
▲ PositiveCapitalrelevance

KGI names OSP as a top pick, expecting Q3 core profit to grow year on year on revenue growth and good cost control.

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