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%.
T.A.C. Consumer Public Company LimitedKrungsri maintains its target and 85% payout assumption as TACC awaits SET listing approval and plans an interim dividend.
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