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.
Carabao Group Public Company LimitedAnalyst raises fair price to 81 baht, maintains Buy, and names CBG top pick for Q4/2026.
