Coca-Cola Outpaces PepsiCo as Wall Street Picks Its Favorite Soda Stock
Wall Street has clearly chosen Coca-Cola over PepsiCo as its favorite beverage stock this year. Coca-Cola stock has ripped 23% higher this year, making it the eighth-best performer on the Dow, while PepsiCo shares have tanked by 13% and now hover near a 52-week low. PepsiCo's earnings report on Thursday is a critical one, with the company promising stronger snacking results after price cuts and that its aggressive cost cuts will show up in profits. Several Wall Street shops, including Evercore ISI and JPMorgan, have cut their profit estimates for PepsiCo ahead of the results, as higher inflation stands to pressure any cost savings. Evercore ISI analyst Robert Ottenstein said investors are concerned by share losses in North America Beverages, with brand Pepsi flat over the third quarter versus brand Coke up 7%, and lackluster trends in PepsiCo Foods North America.
PEP · Competition · Negative PepsiCo faces share losses in North America Beverages and lackluster Foods trends, with analysts cutting profit estimates ahead of earnings.
KO · Competition · Positive Coca-Cola is Wall Street's favored soda stock, with brand Coke up 7% while Pepsi brand is flat, signaling share gains over PepsiCo.
Wall Street Favors Coca-Cola Over PepsiCo Ahead of Earnings
Wall Street has decisively chosen Coca-Cola over PepsiCo as the beverage giant expected to win the year financially, with Coca-Cola shares up 22% this year as the eighth best performer on the Dow while PepsiCo shares have fallen 13%. Yahoo Finance Executive Editor Brian Sozzi said PepsiCo's earnings report on Thursday is critical, as the company has promised strong snack results from price cuts, aggressive cost reductions showing up in profits, and a better second half compared with a weak first half. Sozzi said he doubts PepsiCo will deliver on its top-line promises because of pressure on the snacks business and market share losses in beverages to Coca-Cola, where Diet Coke sales rose 7% and Coke Zero rose 16% in the most recent quarter. He cited GLP-1 weight-loss drugs weighing on snacking, slow growth at Quaker Oats, competition from next-generation brands like OLIPOP, and price increases on Lays potato chips and other snacks that may not have been dialed back enough. Sozzi also noted that PepsiCo management has been unwilling to explore a breakup despite activist pressure, and that several Wall Street shops have cut their estimates into the results, with sentiment further hurt by inflation commentary from General Mills and McCormick.
PEP · Competition · Negative PepsiCo is losing beverage market share to Coca-Cola and faces pressure on its snacks business ahead of a critical earnings report.
KO · Competition · Positive Coca-Cola is winning market share in beverages from PepsiCo, with Diet Coke sales up 7% and Coke Zero up 16% in the most recent quarter.
Palm Valley Capital Flags Flowers Foods Margin Pressure as 2026 EPS Guidance Cut
Palm Valley Capital Management disclosed in its third-quarter 2026 investor letter that Flowers Foods was among the three positions that hurt the Palm Valley Capital Fund's quarterly performance, alongside Rayonier and Reynolds Consumer Products. The fund said Flowers Foods, a market leading producer of bread and bakery products, faces rising costs, intense competition, and a value-conscious consumer, with demand also affected by growing adoption of GLP-1 medications. During the second quarter, sales declined 4% and earnings per share fell to $0.21 from $0.30, and management lowered 2026 EPS guidance from $0.80 to $0.90 down to $0.75 to $0.85. Flowers Foods closed at $5.57 on October 02, 2026, with a $1.18 billion market capitalization, a roughly 48.81% year-to-date pullback, and a 52-week range of $5.40 to $13.13. The fund said it expects near-term trends to remain challenging but believes demand for bread will eventually stabilize, with comparisons becoming easier later this year and into 2027.
Palm Valley Capital Fund Initiates Small Position in Smithfield Foods
Palm Valley Capital Management disclosed in its third-quarter 2026 investor letter for the Palm Valley Capital Fund that it initiated a small position in Smithfield Foods, Inc. during the quarter. Smithfield Foods is the leading U.S. pork producer and an 87%-owned subsidiary of WH Group, another Fund holding, and the fund said it reduced its WH Group position at stronger prices during the summer. The fund noted that pork industry fundamentals have weakened amid higher feed costs, including corn, and softer demand as consumers opt for less expensive chicken, but that Smithfield derives the vast majority of its profitability from higher value packaged meats, including Farmland bacon, Eckrich sausage, Nathan's Famous hot dogs, and Armour lunch meat, rather than commodity fresh pork. Smithfield Foods closed at $18.86 on October 02, 2026, with a $7.43 billion market capitalization, a roughly 15.67% year-to-date pullback, and a 52-week range of $18.51 to $29.81, and the stock is paying a 6.7% dividend yield. During the quarter the Palm Valley Capital Fund gained 1.61%, while the S&P SmallCap 600 Index fell 7.93% and the Morningstar Small Cap Total Return Index decreased by 5.60%, with 75.5% of the Fund's assets in Treasury bills and equity-only performance of 4.8%.
SFD · Capital · Positive Palm Valley Capital Fund initiated a small position in Smithfield Foods during the quarter
0288.HK · Capital · Negative The fund reduced its WH Group position at stronger prices during the summer
Palm Valley Capital Management · · Neutral Palm Valley Capital Management is the fund manager whose letter disclosed the Smithfield position, not a traded asset
PepsiCo Q3 Revenue Seen at $24.9 Billion Ahead of October 8 Report
PepsiCo is expected to report third-quarter 2026 results on Oct. 8 before the opening bell, with the Zacks Consensus Estimate pegging revenues at $24.9 billion, implying 3.9% growth from the year-ago quarter, and quarterly earnings at $2.29, flat with the prior-year quarter. The consensus earnings mark has moved down by a penny in the past seven days, and PepsiCo currently carries a Zacks Rank #4 (Sell) with an Earnings ESP of -0.10%. North America remains the key area to monitor: in the second quarter of 2026, North America organic revenues edged down 0.5%, PepsiCo Foods North America revenues fell 2% due mainly to lower effective net pricing, and PepsiCo Beverages North America posted 1% organic revenue growth while organic volume declined 4%. International organic revenues advanced 7% in the second quarter, marking the 21st consecutive quarter of at least mid-single-digit growth, and the model predicts third-quarter revenues for the International Beverages Franchise segment to improve 9% year over year, with international convenient foods revenues for EMEA, LatAm Foods and the Asia-Pacific expected to increase 7%, 5% and 10%, respectively. The second-quarter 2026 core operating margin declined 40 basis points as affordability investments, cost inflation and unfavorable mix weighed on profitability, and PepsiCo expects higher input-cost inflation in the second half with earnings growth weighted toward the fourth quarter. At a current stock price of $125.89, PepsiCo trades 0.6% above its 52-week low of $125.16 and 26.6% below its 52-week high of $171.48, and the stock has lost 12.1% over the past three months.
PEP · Capital · Negative PepsiCo carries a Zacks Rank #4 (Sell) with a negative Earnings ESP and consensus EPS trimmed ahead of its Oct. 8 Q3 report.
PEP · Pricing · Negative PepsiCo Foods North America revenue fell 2% due mainly to lower effective net pricing, and Q2 core operating margin declined 40bp on affordability investments and cost inflation.
ADM Sees China's 25 Million Ton Soybean Commitment Boosting Ag Services
Archer Daniels Midland Company's Ag Services business stands to gain from continued Chinese purchases of U.S. soybeans, which would support grain merchandising, origination and transportation volumes. ADM's second-quarter 2026 Ag Services operating profit surged 159% year over year, helped by strong commercial execution and the return of its Barcarena, Brazil, export terminal to full operations. Management said China is well underway in fulfilling its commitment to purchase 25 million tons of U.S. soybeans in 2026 and has been buying roughly 1 million tons per week, a contributor to the company's 2026 outlook. ADM expects Ag Services results in the third quarter to be slightly lower than the second quarter, with fourth-quarter performance depending partly on the pace of U.S. exports and whether additional corn and sorghum programs develop alongside soybean shipments. The Zacks Consensus Estimate for ADM's 2026 and 2027 earnings per share indicates year-over-year growth of 59.2% and 3.9%, respectively, and the stock carries a Zacks Rank #1 (Strong Buy).
ADM · Demand · Positive China's 25 million ton U.S. soybean purchase commitment and ~1 million tons/week buying support ADM's grain merchandising, origination and transportation volumes.
Coca-Cola Guides to About 5% Organic Revenue Growth for 2026
Coca-Cola is guiding to about 5% organic revenue growth for 2026, with comparable currency-neutral EPS growth of 7%-8% excluding acquisitions and divestitures and comparable EPS projected to rise 9%-10%. In the second quarter, organic revenues rose 6% and unit case volume advanced 5%, while comparable gross and operating margins expanded about 120 and 90 basis points, respectively; management noted that on a two-year basis volume growth was 2%. The company expects volume and price/mix to remain more in tandem through 2026, using packaging and price-point architecture in North America to address pressured lower-income consumers while treating India and China as longer-term investment opportunities. Longer term, management continues to target organic revenue growth of 4%-6%, with an ambition to perform toward the upper end of that range on a sustained basis, though comparisons become tougher in the second half and the fourth quarter includes six fewer days year over year. Coca-Cola shares have risen 3.3% in the past three months against the industry's decline of 3.8%, and the stock trades at a forward price-to-earnings ratio of 24.69X versus the industry's 18.49X. The Zacks Consensus Estimate for Coca-Cola's 2026 and 2027 earnings implies year-over-year growth of 9.7% and 7.1%, respectively, with estimates for both years stable over the past seven days.
Lamb Weston Q1 Fiscal 2027 Earnings Preview: Estimates Point to Decline
Lamb Weston Holdings is expected to report a top-and bottom-line decline when it posts first-quarter fiscal 2027 earnings on Oct. 6, with the Zacks Consensus Estimate for revenues pegged at $1.7 billion, a 0.3% decrease from the year-ago reported number, and earnings of 59 cents a share, down 20.3% year over year. The consensus earnings mark has risen by a penny over the past seven days, and Lamb Weston carries a trailing four-quarter surprise of 24.6%, on average. Management expects first-quarter net sales to be flat and adjusted EBITDA to decline in the low-teens range before growth improves through the remainder of the year, citing carryover effects of prior-year potato costs, elevated edible-oil costs, and price/mix headwinds in North America and competitive conditions in EMEA. Partly offsetting these pressures, North America's continued sales-volume growth and market-share gains, customer wins, strong retention, and improved supply-chain execution are expected to support results. Lamb Weston currently carries a Zacks Rank #3 and an Earnings ESP of +3.61%, which the model says predicts an earnings beat.
LW · Capital · Negative Q1 FY2027 estimates point to revenue and EPS declines, with adjusted EBITDA expected down low-teens on potato and edible-oil costs and price/mix headwinds.
Keurig Dr Pepper Unveils 2027 Beverage Innovation Pipeline Ahead of NACS Show
Keurig Dr Pepper unveiled a first look at its 2027 beverage innovation pipeline ahead of the 2026 National Association of Convenience Stores Show, spanning new flavors, an expanded energy lineup and refreshed iconic brands. On the carbonated soft drink side, the company will launch Dr Pepper Ice Cream Float nationwide as a permanent offering in cans and 20 oz. bottles beginning February 2027, with fountain and frozen formats arriving mid-year, alongside a limited-time 7UP Miami Vice in June 2027, the holiday return of 7UP Shirley Temple with a new 20 oz. package, and Canada Dry Raspberry Lemonade in Spring 2027. In energy, KDP will distribute more than 25 new items across its energy brand portfolio in 2027, including permanent versions of GHOST Energy x 7UP and GHOST Energy x A&W, the January launch of GHOST Energy Sour Strips Appleberry, and a limited-time GHOST Energy Blueberry Cream, while Bloom Energy adds Strawberry Shortie in October 2026 and Cotton Candy and Lemon Freezie in January 2027, and C4 Energy expands its zero-sugar Cereal's Most Wanted lineup with Cocoa Loco and new 8.4-ounce mini cans. GHOST is now a $1 billion brand at retail, and KDP said innovation and limited-time offerings drive nearly three-quarters of energy category growth. The company is also investing in iconic brands, following 7UP's most significant brand evolution in more than 15 years with a lime-forward formula and refreshed packaging, while Sunkist will introduce updated graphics and a refreshed recipe in Q1 2027. Attendees at the 2026 NACS Show in Las Vegas will get an exclusive preview of upcoming innovations across KDP's owned and partner brands, including Snapple, Electrolit, Polar, La Colombe and Vita Coco.
KDP · Technology · Positive KDP unveiled its 2027 beverage innovation pipeline with new flavors, expanded energy lineup, and refreshed iconic brands, driving product development.
Nippon Ham Effectively Raises Schau Essen Price by Cutting Content to 107 Grams
Nippon Ham announced on the 5th that it has reduced the per-bag content of its flagship sausage product Schau Essen by 10 grams, from 117 grams to 107 grams. With the price unchanged, this amounts to an effective price increase. The change took effect with deliveries from the 1st. The company reviewed the content volume as raw material, labor, and energy costs continue to rise. The reference retail price for the two-bag pack remains 702 yen, and the company said it increased the weight of each individual sausage to boost customer satisfaction.
2282.JP · Pricing · Positive Nippon Ham effectively raised the price of Schau Essen by cutting content from 117g to 107g while keeping the 702 yen price, boosting margin per unit amid rising costs.
Carlsberg to buy two PepsiCo bottlers in Georgia and Armenia
Carlsberg A/S agreed to acquire two PepsiCo bottling businesses from Revery, adding Iberia Refreshments in Georgia and JI Pepsi Cola Bottler Armenia to its non-alcoholic beverage operations. Financial terms for the two deals were not disclosed. Once completed, Carlsberg will take responsibility for producing, selling, and distributing PepsiCo's soft drink portfolio in both countries, lifting the number of markets covered by Carlsberg's PepsiCo bottling arrangements to 17. Carlsberg plans to combine Georgia and Armenia with Azerbaijan, where it has separately agreed to become PepsiCo's bottler, into a South Caucasus operating cluster intended to support a wider beverage portfolio and shared production, sales, and distribution. PepsiCo SVP and GM of Internal Beverages Europe Natalia Filippociants said the expanded partnership is expected to help the company unlock the next phase of growth in the two markets.
0AI4.LSE · Capital · Positive Carlsberg agreed to acquire two PepsiCo bottlers in Georgia and Armenia, expanding its non-alcoholic beverage operations.
PEP · Demand · Positive Carlsberg will produce, sell and distribute PepsiCo's soft drinks in Georgia and Armenia, expanding PepsiCo's bottling reach to 17 markets and supporting growth.
Revery · Capital · Neutral Revery is selling its two PepsiCo bottling businesses in Georgia and Armenia to Carlsberg, but terms and impact are undisclosed.
Iberia Refreshments · Capital · Neutral Iberia Refreshments in Georgia is being acquired by Carlsberg from Revery, but no financial terms or standalone impact are given.
JI Pepsi Cola Bottler Armenia · Capital · Neutral JI Pepsi Cola Bottler Armenia is being acquired by Carlsberg from Revery, with no financial terms disclosed.
XO targets 2026 revenue of nearly 2.4 billion baht, invests 1.3 billion in new factory
Shares of Exotic Food Public Company Limited, or XO, closed at 19.00 baht, up 1.10 baht or 6.15%, on trading value of 24.68 million baht, after Chief Executive Officer Jittiporn Chantrat revealed that the global seasoning sauce market continues to expand. The global hot sauce market was worth approximately 120 billion baht in 2025 and is expected to grow at an average of 7.7-7.8% per year, reaching about 200 billion baht in 2032. Meanwhile, the sriracha sauce market was valued at approximately 19.3 billion baht in 2025 and is expected to rise to more than 30 billion baht in 2032. XO holds roughly 7.9% of the global sriracha sauce market. The company targets revenue growth of no less than 10% in 2026 from about 2.15 billion baht in 2025, which would amount to nearly 2.4 billion baht. It is also proceeding with investment in a new factory worth approximately 1.3 billion baht, funded about 70% by loans from financial institutions and about 30% by company cash. The plant is expected to be completed in the second quarter of 2028, with exports from the new factory beginning in the third quarter of 2028. Brokerage Globlex Securities raised its 2026 revenue forecast for XO to 2.37 billion baht from 2.26 billion baht, a 10% increase from the previous year. It expects gross profit margin of 47%, excluding the impact of inventory write-downs, and maintains its 2026 net profit forecast at 535 million baht, up 6% from the previous year. It also raised its target price to 19.20 baht from 15.60 baht and upgraded its recommendation from hold to speculative buy.
XO.BK · Capital · Positive Globlex raised XO's 2026 revenue forecast and target price to 19.20 baht with a speculative buy rating, and XO is investing 1.3 billion baht in a new factory.
XO.BK · Demand · Positive XO targets 2026 revenue near 2.4 billion baht on expanding global hot/sriracha sauce demand and its 7.9% sriracha share.
5 brokerages recommend buying TU with targets of 13.90-16 baht, expecting 3Q profit of 1.309-1.420 billion baht
Analysts from 5 securities firms recommend "buying" shares of Thai Union Group (TU) with target prices in the range of 13.90 - 16 baht, expecting third-quarter profit of 1.309 - 1.420 billion baht, with strong growth, and believe that the surge in tuna costs has already passed its peak, with long-term positive factors beginning to provide support. Yuanta Securities raised its 2026 - 2027 profit forecasts by 18% and 4% respectively, and set a new target price of 16.00 baht, an upside gain of 29%, expecting normal profit in 3Q26 of 1.420 billion baht, up 4.3% QoQ and 17.4% YoY, on revenue of 35.882 billion baht. Krungsri Securities maintained its Buy recommendation with a target price of 15.50 baht, expecting normal profit in 3Q26F of about 1.349 billion baht and normal profit forecasts for 2026-2027F of 5.135 billion baht and 5.970 billion baht respectively. Maybank Securities recommends buying with a target price of 14.50 baht, expecting net profit in 3Q69 of 1.3 billion baht, with results scheduled for reporting on 2 November. Pi Securities assesses fair value at 15.4 baht, expecting normal profit in 3Q26 of 1.400 billion baht, and states that flooding has not affected the group's production in any way. Meanwhile, Trinity Securities gives a target price of 13.90 baht, expecting profit in 3Q69 of 1.309 billion baht, up 4% QoQ and flat YoY, with gross margin expected at 20.6%, and maintains its 2026 profit forecast at 4.7 billion baht.
TU.BK · Capital · Positive Five brokerages recommend buying TU with target prices of 13.90-16 baht and raised 2026-2027 profit forecasts, expecting strong 3Q profit growth.
Brokers Expect TU's Q3/2026 Normal Profit to Grow 13-17%, With Dividend Yield of 5.7-7%
Analysts from 13 leading securities firms estimate that Thai Union Group Public Company Limited, or TU, will report normal profit in the third quarter of 2026 in the range of 1.349 billion to 1.42 billion baht, growing 13% to 17% year-on-year and 3% to 9% quarter-on-quarter. Total revenue is expected at 35.729 billion to 36 billion baht, growing 4% to 4.6% year-on-year, driven by the pet food business, where sales grew 12% to 17%, and the processed seafood business, which grew about 3% to 4%. The gross profit margin is expected at 20.3% to 20.7%, with a dividend yield of 5.7% to 7%. However, tuna prices surged to 2,200 to 2,300 US dollars per ton in August and September, up 34% to 42% year-on-year, and are expected to pressure fourth-quarter margins by about 0.5%. Meanwhile, SG&A expenses as a proportion of sales reached 14.6% to 14.8%, and a foreign exchange loss of about 100 million baht is expected in the third quarter of 2026.
Brokers expect TU's Q3/2026 profit to hold steady, recommend Buy with top target price of 15.40 baht
Several brokers have issued analyses of Thai Union Group Public Company Limited, or TU, expecting net profit in the third quarter of 2026 to hold steady from the same period a year earlier but rise slightly from the previous quarter. The fourth-quarter outlook is expected to soften on seasonal factors and high tuna prices, but full-year 2026 profit is still seen growing and continuing into next year, prompting a Buy recommendation along with target price estimates for 2027. Trinity Securities expects third-quarter net profit of 1.309 billion baht, up 4% quarter on quarter and steady year on year, maintaining its full-year 2026 profit forecast at 4.7 billion baht, up 2% year on year, with a Buy recommendation and a target price of 13.90 baht. Phillip Securities (Thailand) expects third-quarter profit of 1.252 billion baht, down 4.9% year on year and 1.0% quarter on quarter, on SG&A expenses, sea freight costs, marketing expenses, special M&A expenses and foreign exchange losses, maintaining its full-year 2026 profit forecast at 4.7 billion baht, with a Buy recommendation and a 2027 target price of 15.30 baht. Finansia Syrus Securities expects third-quarter net profit of 1.29 billion baht, up 2.5% quarter on quarter and steady year on year, with the September tuna price at 2,275 US dollars per tonne, up 8.3% quarter on quarter and 42.2% year on year, the highest in nine years, maintaining its full-year 2026 profit forecast at 4.78 billion baht, up 3.7% year on year, and 2027 at 5.04 billion baht, up 5.4%, with a Buy recommendation and a 2027 target price of 14.80 baht. It sees ITC's M&A deal likely to materialize in the fourth quarter of 2026, while Pi Securities recommends Buy with a target price of 15.40 baht, expecting third-quarter net profit of 1.306 billion baht, up 0.1% year on year and 3% quarter on quarter; excluding special items, normal profit would be 1.406 billion baht, up 14% year on year and 3% quarter on quarter, maintaining full-year 2026 profit at 4.854 billion baht.
Yuanta expects TU's Q3 normalized profit to grow 17%, raises target to 16 baht
Yuanta Securities estimates that the third-quarter 2026 normalized profit of Thai Union Group Public Company Limited, or TU, will come in at 1.42 billion baht, up 4.3% from the previous quarter and up 17.4% from a year earlier. Revenue is expected at 35.882 billion baht, growing 6.0% from the previous quarter and 4.0% from a year earlier, driven by the canned food and pet food businesses. The gross profit margin is expected at 20.7%, up from 19.0% in the third quarter of 2025, while net profit is forecast at 1.305 billion baht. The price of tuna rose in September to 2,200 to 2,300 US dollars per ton, after hitting a record high of 2,100 US dollars per ton in August, the first time the price exceeded 2,000 US dollars per ton, bringing the third-quarter average to about 2,075 US dollars per ton, up 17.3% from the previous quarter and up 33.9% from a year earlier. The research team therefore raised its 2026 and 2027 profit forecasts by 18% and 4% respectively, and set a new target price of 16.00 baht, based on 12.5 times earnings, maintaining a buy recommendation with 29% upside. It also expects a second-half dividend of 0.40 baht, representing a 3% return.
TU.BK · Capital · Positive Yuanta raised its 2026/2027 profit forecasts and set a new 16.00 baht target price with a buy rating on TU's expected Q3 normalized profit growth.
KKPS maintains Buy on TU with 16 baht target, expects strong Q3 2026 profit
Kiatnakin Phatra Securities, or KKPS, maintains a Buy rating on Thai Union Group, or TU, with a target price of 16.00 baht versus the current price of 12.40 baht, assessing that third-quarter 2026 results remain strong on growing sales and high gross margins. The research team expects TU to post net profit of 1.27 billion baht in the third quarter of 2026, down 2.4% from the same period a year earlier but up 0.7% from the previous quarter, bringing nine-month accumulated profit to 77% of the full-year 2026 net profit estimate. Sales are expected to grow in line with the company's target of 4-6% this year, and the gross margin is forecast at 20.3%, in line with management's target of more than 20% and the full-year target range of 19.5-20.5%, supported by a better product mix, especially the pet food business. The expense-to-sales ratio is expected at about 14.9% on higher freight rates and one-time financial advisory fees, which are expected to decline in the fourth quarter of 2026. On cost risk, higher tuna prices still have a limited effect in the third quarter of 2026 because the company holds about two months of raw material inventory, and tuna costs are expected to gradually be reflected in the fourth quarter of 2026 before easing after the fishing gear ban period ends. The research team views TU's core business, excluding items related to other businesses, as trading at a 2027 P/E of less than 3 times, with an estimated dividend yield of about 6%.
Finansia expects TU's Q3 2026 profit to reach 1.29 billion baht, recommends Buy with 14.80 baht target
Finansia Syrus Securities said in an analysis today that it expects Thai Union Group to post net profit of approximately 1.29 billion baht in the third quarter of 2026, up 2.5% from the previous quarter and flat compared with the same period last year. Earnings remain resilient despite pressure from rising expenses, supported by sales in the Ambient and Pet Food businesses, which continue to grow well. Meanwhile, if tuna prices decline in October, it would ease cost pressure and be a positive factor for margins in the next quarter. Finansia also maintained its forecast for TU's 2026 profit to grow 3.7% from last year, and shifted to a 2027 target price of 14.80 baht, seeing further upside from the merger and acquisition deal of i-Tail Corporation as well as the group's operational efficiency improvement plans. It therefore maintained its Buy recommendation.
Asia Plus maintains Buy on TU with 13.90 baht target, expects 3Q26 profit to grow 16%
Asia Plus Securities estimates that TU's net profit for the third quarter of 2026 will be 1.3 billion baht, and excluding foreign exchange losses, normal profit will be 1.4 billion baht, up 16% year-on-year and 3% quarter-on-quarter. The result is supported by sales that continue to grow in line with targets and margins that remain at a high level, which helps offset pressure from rising selling and administrative expenses. The research team expects sales this quarter of 36 billion baht, up 4.3% year-on-year and 6.4% quarter-on-quarter, driven by growth in branded products and OEM business in the Ambient group, especially in the US and French markets. The PetCare business is supported by global brand customers in the US, while the Frozen business is expected to decline slightly year-on-year on weaker demand for frozen products, as is the Feed business. Gross margin is expected at 20.3%, improving from 19.0% in the third quarter of 2025 but down from 21.4% in the second quarter of 2026, as tuna costs begin to rise. If third-quarter 2026 profit meets expectations, net profit and normal profit for the first nine months of 2026 will represent 79% and 77% of full-year profit. The research team maintains its Buy recommendation with a 2027 target price of 13.90 baht, based on a PER of 12 times.
TU.BK · Capital · Positive Asia Plus maintains Buy on TU with 13.90 baht target, forecasting 3Q26 net profit of 1.3bn baht, up 16% y/y on sales growth and high margins.
Adecoagro Redeems US$234.9 Million of 6.000% Senior Notes Due 2027
Adecoagro S.A. has redeemed all of its outstanding 6.000% Senior Notes due 2027, totaling US$234,923,000 in principal, at 100% of face value plus US$6.17 in accrued interest per US$1,000 of notes, with interest ceasing to accrue after the October 28, 2026 payoff. The early redemption removes Adecoagro's nearest bond maturity and reflects an emphasis on tightening its balance sheet and refining its liability profile. The move simplifies the company's debt stack and may modestly reduce balance sheet risk, though it does not change the near-term catalysts around sugar and ethanol profitability or the risk of margin pressure from volatile prices and weather. The redemption comes alongside Adecoagro's stronger 2026 results, with first half sales of US$929.69 million and net income of US$58.35 million turning around prior losses, and investors can weigh that improving profitability against the company's higher coupon 7.500% notes due 2032 and its recurring US$35 million dividend. Adecoagro's narrative projects $2.3 billion in revenue and $188.5 million in earnings by 2029, requiring 16.9% yearly revenue growth and a $196.8 million earnings increase from -$8.3 million today, while some of the lowest analysts already bake in about US$2.3 billion of revenue and US$210.9 million of earnings by 2029 yet still see more risk in the company's leverage reduction and energy projects than the redemption alone might suggest.
AGRO · Capital · Positive Adecoagro redeemed all US$234.9M of its 6.000% senior notes due 2027, removing its nearest maturity and tightening its balance sheet.
SMO unveils plan to raise capacity to 345 tonnes of fresh palm fruit per hour, presses ahead with CPKO plant investment
SMO Public Company Limited, or SMO, announced plans to expand production capacity and move forward with new investment projects at a Dinner Talk seminar for listed-company executives meeting investors in Khon Kaen province and nearby provinces. Kusol Sripaurya, Chief Financial Officer, and Dr. Somphob Sakpanpanom, Chairman of Asset Pro Management Company Limited, joined in presenting information about SMO's business. SMO reported second-quarter 2026 results with total revenue of 3.51855 billion baht, up 2.48% from the same period a year earlier, and net profit of 29.56 million baht. The company has increased production capacity at its Phanom branch plant and subsidiaries, bringing the group's total installed capacity to 345 tonnes of fresh palm fruit per hour, an increase of 35.29%, to meet demand from partners both in Thailand and abroad. In addition, the company is pressing ahead with investment in a palm kernel oil plant, or CPKO, with a capacity of 300 tonnes per day, and the Evaporator–Green Project wastewater evaporator project at the Phanom branch in Surat Thani province, to create a new S-Curve and extend value-added products. Once fully operational, these are expected to generate additional revenue of more than 1 billion baht per year.
SMO.BK · Supply · Positive SMO expanded group installed capacity to 345 tonnes of fresh palm fruit per hour (+35.29%) and is investing in a 300 t/day CPKO plant to serve partner demand.
PepsiCo's Frito-Lay Weakness Draws Cramer's Concern as P&G Charts Slower Growth
Jim Cramer flagged PepsiCo's Frito-Lay problem on the September 28 episode of Mad Money, saying the snack business is "a tough one right now" and that the stock's 10% decline this year suggests the dividend may not act as the trampoline he once expected. PepsiCo Foods North America reported a 2% decline in second-quarter revenue, with core constant-currency operating profit at PFNA falling 8%, and Reuters reported on September 24 that the company plans to raise prices on some chip brands by a low- to mid-single-digit percentage range after cutting prices by as much as 15% on products including Lay's and Doritos in February. PepsiCo is scheduled to report third-quarter results on October 8. Procter & Gamble, which Cramer noted has "nothing to do with food," reported fiscal 2026 net sales up 3% to $87 billion with flat fourth-quarter organic sales and core EPS up 1% to $6.89, and guided fiscal 2027 organic sales growth of 1% to 3% and core EPS of $6.89 to $7.11, while expecting an approximately $1 billion after-tax headwind from higher raw materials, energy, and transportation costs. P&G is set to report first-quarter fiscal 2027 results on October 22. Hedge fund holders of PepsiCo fell to 68 in the second quarter from 72 in the first, while P&G holders rose to 83 from 78, and PepsiCo trades at a forward P/E of 14.86 versus P&G's 21.23.
PEP · Demand · Negative Frito-Lay North America Q2 revenue fell 2% and core operating profit dropped 8%, with Cramer calling the snack business 'a tough one right now'.
PEP · Pricing · Neutral PepsiCo plans to raise prices on some chip brands by low- to mid-single digits after earlier cutting Lay's and Doritos prices up to 15%.
PG · Capital · Neutral P&G reported fiscal 2026 net sales up 3% to $87B with flat Q4 organic sales and guided fiscal 2027 organic growth of 1-3%, while expecting a ~$1B after-tax cost headwind.
KSL expects sugarcane crush to top 8.3 million tonnes next year on 17-month-high sugar prices
Chalach Chinthammit, Chief Executive Officer and Managing Director of Khon Kaen Sugar Industry Public Company Limited, or KSL, said that world sugar prices, which have risen to around 18.94 cents per pound, a roughly 17-month high, will be a positive factor for next year's crushing season, since all sugar to be sold this year has already been forward-contracted. For the 2026/2027 crushing season, which runs from December 2026 through no later than April 2027, KSL expects sugarcane crush volumes to grow from the previous season's estimate of about 8.3 million tonnes, driven by larger sugarcane output reaching the market and water availability for cultivation that remains consistently favorable. The recent weakening of the baht, averaging around 33.64 baht per US dollar, is an additional positive factor, since about 70% of KSL's revenue comes from exporting sugar products overseas. For the 2026 fiscal year, the company expects full-year results to swing to a profit, compared with a loss of 660 million baht in 2025, because this year there is no provision for expenses related to projects in neighboring countries, and the first nine months of this year already showed a profit of about 358 million baht.
KSL.BK · Pricing · Positive 17-month-high world sugar prices are a positive factor for KSL's next crushing season, with all this year's sugar already forward-contracted.
KSL.BK · Monetary · Positive The weakening baht (~33.64/USD) is an additional positive since about 70% of KSL's revenue comes from sugar exports.
SUGAR · Supply · Positive World sugar prices at a roughly 17-month high of ~18.94 cents/lb reflect tight global sugar supply conditions.
Onsemi announced a new agreement to acquire Synaptics for $123 a share in cash, revising the all-stock deal disclosed in June after an unsolicited competing proposal. Advanced Micro Devices said it would acquire World Labs, an AI model and research lab, in an all-stock transaction valued at nearly $8.2 billion. Hormel Foods agreed to acquire Brakebush Brothers, a value-added chicken provider, from the Brakebush family for approximately $1.055B, with the deal expected to close in the first quarter of fiscal 2027. Lynas Rare Earths agreed to acquire Australian peer Meteoric Resources in an all-stock deal valued at A$968M, or $672M. Mattel soared 19% after a report that the toymaker has recently received takeover interest from Authentic Brands, while Walgreens private-equity owner Sycamore is near a deal to sell the U.K. pharmacy chain Boots for close to $9 billion, including debt.
Bonduelle Posts Stable FY 2025-2026 Sales of 2,186.2 Million Euros
Bonduelle Group reported stable sales and profitability for fiscal year 2025-2026, with sales of 2,186.2 million euros, down 0.8% on reported figures but up 0.4% on a like-for-like basis. Current operating income fell 5.0% to 79.6 million euros, while the current operating margin reached 3.6%, and net income from continuing operations swung to a loss of 16.9 million euros from a profit of 19.7 million euros a year earlier. Including 33.1 million euros from discontinued operations, mainly the gain on the sale of the packaged salad business in France to the LSDH group, consolidated net income came to 16.2 million euros, compared with a loss of 11.5 million euros the previous year. The Europe Zone, which accounted for 62.8% of business activity, grew 1.3%, while the Non-Europe Zone, representing 37.2%, declined 1.0% on a like-for-like basis. A dividend of 0.25 euro per share will be proposed at the Annual General Meeting on December 3, 2026.
BON.PA · Capital · Neutral FY 2025-2026 sales roughly stable but current operating income fell 5.0% and continuing operations swung to a 16.9M euro loss, partly offset by the gain on the packaged-salad divestment.
Boston Beer Rolls Out Sinless Vodka Cocktails and LYTT Electric Coolers
Boston Beer is pushing into faster-growing categories beyond traditional beer with two new launches, Sinless Vodka Cocktails and LYTT Electric Coolers. Sinless, a liquor-based cocktail with zero sugar, zero carbs and 100 calories per can, has launched in more than 30 states, while LYTT, a 15% ABV malt-based offering in six flavors sold in a resealable 6.8-ounce single-serve package, is available in more than five states. Management said wholesalers, retailers and drinkers have responded positively, but neither brand is expected to contribute meaningfully to 2026 volumes, though both should provide some shipment support in the back half of the year. Sinless has shown enough initial traction to support its rollout across roughly 30 states, with management waiting for more evidence before expanding further, while LYTT is described as a hand sell product needing specialized merchandising and cooler placement, with margins two to three times those of even higher-end beer. Boston Beer expects a more reliable read on both launches only by early 2027. Peers are pursuing similar innovation, with Anheuser-Busch InBev's Beyond Beer revenues up 44% in second-quarter 2026, Diageo Beer Company growing organically by around 4% in fiscal 2026, and Brown-Forman expanding its ready-to-drink portfolio.
SAM · Technology · Positive Boston Beer launched two new products, Sinless Vodka Cocktails and LYTT Electric Coolers, with positive early trade and consumer response.
Cal-Maine Posts Q1 Loss of US$58.62 Million, Suspends Dividend
Cal-Maine Foods reported a first-quarter fiscal 2027 net loss of US$58.62 million, swinging from prior-year net income, on sales of US$539.61 million, down sharply from US$922.60 million a year earlier, as oversupplied egg markets and lower conventional pricing weighed on results and led the company to suspend its dividend under its variable policy. Despite the loss, Cal-Maine continued repurchasing shares under its existing authorization. The company also moved to modernize operations by adopting Speria, MTech Systems' Amino platform, to integrate financial, warehouse, and flock management data, reinforcing its push toward higher value Specialty Shell Eggs and Prepared Foods, which now account for just over half of net sales. The quarter's loss and suspended dividend highlight the near-term risk of prolonged oversupply in conventional eggs compressing margins and cash returns, even as the key catalyst remains whether pricing can stabilize.
Keurig Dr Pepper Bets on Innovation Pipeline to Revive U.S. Coffee
Keurig Dr Pepper is counting on an expanding innovation pipeline to reignite its U.S. Coffee business after net sales slipped 3.2% in the second quarter, as an 8.2-percentage-point decline in volume mix more than offset pricing benefits. Pod shipments fell 11.6% on a reported basis and 8.3% excluding the Peet's reporting shift, though brewer shipments rose 2.1%, returning to growth on the back of marketing and commercial activity. Management said several growth initiatives are planned for the back half of 2026, supported by precision marketing and the "Great Coffee Without the Grind" campaign, and expects improving brewer penetration, normalization of pod inventory dynamics and innovation across the ecosystem to support category growth and market-share performance. The integration of JDE Peet's adds another avenue, with coordinated promotions, variety packs, new coffee formats and cold-coffee opportunities, and the upcoming Keurig Alta next-generation brewer will launch with both Keurig and Peet's Alta rounds. Elsewhere in the portfolio, La Colombe ready-to-drink coffee posted retail sales growth of more than 50% and gained over one percentage point of market share, while McCafé K-Cups delivered mid-single-digit retail sales growth; KDP still expects U.S. Coffee trends to improve significantly in the second half as innovation combines with easing cost pressures.
KDP · Demand · Neutral KDP's U.S. Coffee net sales fell 3.2% with pod shipments down 11.6%, though brewer shipments rose 2.1% and it bets on innovation to revive the business.
JDE Peet's · Demand · Positive Integration of JDE Peet's adds coordinated promotions, variety packs, new coffee formats and cold-coffee opportunities, plus Peet's Alta rounds on the new brewer.
La Colombe Coffee Roasters, LLC · Demand · Positive La Colombe ready-to-drink coffee posted retail sales growth of more than 50% and gained over one percentage point of market share.
CJ CheilJedang and ADM to Form Amino Acid Joint Venture Majority Owned by CJ
CJ CheilJedang and ADM have agreed to form a new joint venture to secure a reliable, long-term source of feed-grade amino acids critical to the livestock industry, strengthening U.S. production, global supply chain resilience and U.S. food security. The joint venture will develop, manufacture and market fermentation-derived amino acids by combining CJ's fermentation production facilities in Fort Dodge, Iowa, and Piracicaba, Brazil, ADM's Decatur, Illinois, feed-grade amino acid plant, and CJ's Mexico, Brazil and U.S. sales offices, along with a license to CJ's intellectual property related to feed-grade amino acids for use by the joint venture within North and South America. CJ and ADM will give the JV exclusive rights to manufacture and sell feed-grade amino acids in the Americas, and CJ will be the majority owner. CJ will retain ownership of its intellectual property and its global fermentation businesses outside the scope of the joint venture, while ADM's other Decatur operations and its other global fermentation assets are not included in the transaction. The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.
097950.KO · Capital · Positive CJ CheilJedang will be majority owner of the new amino acid JV, contributing its Fort Dodge and Piracicaba plants and licensing its IP.
ADM · Capital · Positive ADM contributes its Decatur feed-grade amino acid plant to a new JV with CJ, expanding its fermentation footprint and securing long-term amino acid supply.
Ingredion's T&HS Segment Posts Ninth Straight Quarter of Volume Growth
Ingredion Incorporated's Texture & Healthful Solutions segment extended its growth streak, with net sales rising 5% year over year to $627 million and net sales volumes up 7% in the second quarter of 2026, marking the ninth consecutive quarter of volume growth. Segment operating income increased 5% to $117 million, the second-highest quarterly operating income in T&HS history, while operating margin improved to 18.7% from 18.5% a year ago. The company said the volume strength was not driven by customer restocking or demand pulled forward ahead of pricing actions, and that solutions continued to grow faster than the rest of the business. For 2026, Ingredion expects T&HS net sales to rise in the mid-single digits and operating income to increase in the mid-to-high single digits, though higher tapioca costs and an unfavorable price mix could limit margin improvement. Separately, International Flavors & Fragrances reported Taste sales growth of 4% to $688 million and Health & Biosciences growth of 5% to $601 million in the second quarter of 2026, with EBITDA up 6% in both segments, while Archer-Daniels-Midland reported Nutrition operating profit of $172 million, up 51%, and Human Nutrition operating profit up 51% to $139 million.
INGR · Capital · Positive T&HS operating income rose 5% to $117 million with margin improving to 18.7%, and 2026 guidance calls for mid-single-digit sales and mid-to-high single-digit operating income growth.
INGR · Demand · Positive Ingredion's T&HS segment posted its ninth straight quarter of volume growth, with net sales volumes up 7% and sales up 5% to $627 million.
ADM · Capital · Positive ADM reported Nutrition operating profit up 51% and Human Nutrition operating profit up 51% to $139 million in Q2 2026.
IFF · Capital · Positive IFF reported Taste sales growth of 4% to $688 million and Health & Biosciences growth of 5% to $601 million, with EBITDA up 6% in both segments.
MALEE to sell 65% stake in Vietnam's LQSF for about 40 million baht
Malee Group Public Company Limited, or MALEE, announced it is preparing to sell its investment in Long Quan Safe Food Company Limited, or LQSF, a business in Vietnam in which it holds a 65% stake. The sale value is expected to be about 40 million baht, with the transaction expected to be completed by December 2026. MALEE has invested in the Vietnam business since 2018. LQSF operates an OEM beverage manufacturing business with a large factory with production capacity of about 330 million liters per year, close to the combined capacity of the company's factories in Thailand, namely the Sam Phran plant at 205 million liters and the Pak Chong plant at 121 million liters per year. Krungsri Securities Public Company Limited views the divestment as neutral to slightly positive for MALEE, as over the long term it will help reduce the burden of losses from the Vietnam business. MALEE has recognized losses based on its 65% shareholding of roughly 10 to 30 million baht per year, or about 6% to 15% of profit, and is expected to begin seeing a positive effect on earnings from 2027. For the short-term impact, Krungsri expects MALEE may record a one-time loss from the divestment of about 10 to 20 million baht, which is expected to be booked in the third quarter of fiscal 2026 and is not yet included in current earnings forecasts. Krungsri also maintained its Neutral recommendation with a 2026 target price of 4.30 baht per share, based on a price-to-book value of 0.9 times, and kept its forecast for normal profit in 2026 at 74 million baht, down 75% year on year, while net profit is expected to fall 63% year on year.
MALEE.BK · Capital · Positive MALEE is selling its 65% stake in Vietnam's loss-making LQSF for about 40 million baht, which Krungsri views as neutral to slightly positive as it reduces annual losses from the Vietnam business.
Long Quan Safe Food · Capital · Neutral Long Quan Safe Food is the Vietnam OEM beverage business whose 65% stake MALEE is divesting; the sale is a transaction affecting its ownership rather than a clear directional driver for LQSF itself.
Krungsri Securities Public Company Limited · Capital · Neutral Krungsri Securities is only cited as the analyst issuing the view and maintaining a Neutral rating with a 4.30 baht target price on MALEE, not a subject of the transaction.
Tisco and ASL upgrade TFG to Buy, targets 12.70 and 12.50 baht
Tisco Securities has upgraded Thai Foods Group, or TFG, to "BUY" with a rolled-over 2027 target price of 12.70 baht, based on a PER of 9 times, or the sector average plus 0.5 standard deviations, up from 7.4 times previously. It also raised its 2026-2027 profit forecasts by 3% and 8% respectively, citing a retail business growing faster than expected and recovering pork and chicken prices, and said it believes earnings passed their bottom in the second quarter of 2026. ASL Securities, meanwhile, gave a "BUY" rating with a 2027 forecast target price of 12.50 baht, noting that the shift to market-driven retail is an important new S-curve. TFG's total revenue rose from about 34 billion baht in 2021 to 72 billion baht in 2025, an average growth rate of roughly 16% a year, and in 2026 the company aims to open another 260 branches, bringing the total to 875 branches by year-end, after opening 133 branches in the first half, or 51% of the full-year target. ASL estimates 2026 net profit at about 7 billion baht, down 5.5% from the previous year, while total revenue still grows to roughly 76 billion baht, up 5.5%, and it estimates ROE at about 33% and dividend yield at 6.6%, compared with sector averages of 16.14% and 4.4% respectively.
TFG.BK · Capital · Positive Tisco and ASL both upgraded TFG to BUY with higher target prices and raised 2026-2027 profit forecasts.
TFG.BK · Demand · Positive Analysts cite retail business growing faster than expected and recovering pork and chicken prices, with 260 new branches planned for 2026.
McCormick, Conagra, Recon, Yiren and RedHill Report Earnings in Choppy Market Week
McCormick & Company reported third quarter net sales up 17.4%, including a 0.9% favorable currency impact, with organic sales growth of 1.9%, adjusted operating income of $359 million versus $294 million a year earlier, and adjusted earnings per share of $0.86 versus $0.85, while reaffirming its fiscal 2026 outlook and citing progress on integration planning for its proposed combination with Unilever Foods. Conagra Brands reported first quarter fiscal 2027 net sales down 1.4%, with organic net sales down 1.1%, reported diluted earnings per share up 5.9% to $0.36 and adjusted earnings per share up 5.1% to $0.41, and reaffirmed fiscal 2027 guidance of organic net sales change between negative 3% and negative 1%, adjusted operating margin of 10.0% to 10.5%, and adjusted earnings per share between $1.40 and $1.50. Recon Technology reported fiscal year 2026 total revenue of RMB109.9 million, or $16.2 million, up 65.8% from RMB66.3 million, with gross margin improving to 33.2% from 23.0% and net loss narrowing to RMB31.6 million, or $4.7 million, from RMB43.7 million, or $6.4 million, and also began operations at its waste plastic chemical recycling plant in Weifang, Shandong Province. Yiren Digital reported second quarter 2026 total loans facilitated of RMB6.3 billion, down 29% from the first quarter and down 69% year over year, with repeat borrowers at 82% of total loans facilitated, insurance clients up 281% year over year and new policies up 177% year over year, and a new share repurchase program of up to $20.0 million authorized on July 2, 2026. RedHill Biopharma acquired exclusive global and U.S. commercialization rights to Rebyota and Clenpiq for a $12 million upfront cash payment funded by $18 million received upfront from its Talicia divestment, with the two GI brands generating approximately $37.5 million in 2025 net sales under Ferring Pharmaceuticals, and also divested its 70% stake in Talicia for $18 million upfront plus up to $35 million in potential worldwide net sales milestone payments.
CAG · Capital · Negative Conagra reported Q1 FY2027 net sales down 1.4% with organic sales down 1.1% and reaffirmed weak guidance of negative 3% to negative 1% organic sales.
MKC · Capital · Positive McCormick reported Q3 net sales up 17.4%, adjusted operating income of $359M vs $294M, and reaffirmed its fiscal 2026 outlook.
British American Tobacco Reaffirms 2026 Revenue Growth at Low End of 3% to 5% Range
British American Tobacco reaffirmed its 2026 outlook, telling investors it expects full year revenue growth at the lower end of its 3% to 5% guidance range. The update came alongside fresh detail on its Horizon 2030 plan, which leans on smokeless nicotine products, ongoing cash generation from traditional cigarettes, and a strong focus on productivity improvements. The share price is down 13.78% over the past 90 days and 6.10% over the last week, yet the 5-year total shareholder return of 128.24% and 3-year total shareholder return of 98.60% indicate that long-term holders have still seen very strong gains. The stock now trades at a P/E of 13.5x, above the global tobacco group at 10.9x but below peers at 17.5x and well under a fair ratio of 24.9x, while the most followed narrative sees fair value at £51.50 against the last close of £39.84.
TACC forms joint venture TACC Plus, launches alkaline water Eight Plus, targeting 1 billion baht in sales within 5 years
T.A.C. Consumer Public Company Limited, or TACC, has launched a new business in the health beverage segment through the establishment of a joint-venture subsidiary named TACC Plus Company Limited, in which TACC holds 80% and partners hold 20%, with an investment value of 48 million baht. The first product is Eight Plus, a 100% natural alkaline water sourced from natural mineral springs within Thailand. Sales will begin in October 2026 through 7-Eleven convenience stores, premium modern trade department stores, five-star hotels, and online channels. Revenue recognition will start immediately in the fourth quarter of 2026, and TACC Plus targets sales exceeding 1 billion baht within 5 years. For its 2026 results, TACC maintains a revenue growth target of 10% and forecasts revenue growth of 10-15% in 2027. It also aims to raise the B2C revenue proportion from less than 5% currently to 30% within the next 3-5 years.
TACC.BK · Demand · Positive TACC launches Eight Plus alkaline water via JV TACC Plus, targeting 1 billion baht in sales within 5 years and raising B2C revenue share to 30%.
TACC Plus · Demand · Positive New JV subsidiary TACC Plus launches its first product Eight Plus alkaline water, targeting over 1 billion baht in sales within 5 years.
Coca-Cola Poised to Beat Earnings Estimates Again on Positive ESP
Coca-Cola is positioned to extend its streak of beating earnings estimates when it reports on October 27, 2026, according to Zacks Investment Research. The beverage maker has topped the Zacks Consensus Estimate in each of its last two quarters, delivering an average surprise of 5.80%. In the most recent report, Coca-Cola posted earnings of $0.97 per share versus the consensus estimate of $0.92, a surprise of 5.43%, after beating the prior quarter's $0.81 estimate with earnings of $0.86 per share, a surprise of 6.17%. The stock currently carries a Zacks Earnings ESP of +0.57% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.
SMO announces Surachai Jittaratsenee resigns as board chairman, effective 1 October 2026
SMO, or Samo Thong Group Public Company Limited, announced through the Stock Exchange of Thailand that Surachai Jittaratsenee has resigned from his positions as chairman of the board, company director, and chairman of the risk management committee before completing his term. The company cited health problems as the reason. The resignation takes effect from 1 October 2026 onward. Surachai began serving as chairman of the board on 16 February 2023 and his tenure ends on 1 October 2026, coinciding with the end of his roles as chairman of the risk management committee and company director.
SMO.BK · · Neutral Board chairman Surachai Jittaratsenee resigns for health reasons effective 1 October 2026; no clear positive or negative operational driver stated.
Constellation Brands Set for Q2 Fiscal 2027 Report With $3.62 EPS Estimate
Constellation Brands is scheduled to release second-quarter fiscal 2027 results on Oct. 6, 2026, with the Zacks Consensus Estimate pegging earnings at $3.62 per share, a 0.3% decline from the year-ago quarter's actual, and revenues at $2.57 billion, up 3.6% year over year. The consensus earnings mark has moved down by a penny in the past seven days, and the company currently carries an Earnings ESP of -1.86% and a Zacks Rank #4 (Sell), a combination the Zacks model says does not conclusively predict an earnings beat. Constellation Brands delivered an earnings surprise of 6.5% in the last reported quarter and its bottom line beat estimates by 9.6%, on average, over the trailing four quarters. Results are expected to reflect continued strength in the beer business on premiumization and capacity expansion in Mexico, while the wine and spirits business transitions toward higher-end brands such as The Prisoner Brand Family, Kim Crawford and Meiomi, after sales plunged 47% in the fiscal first quarter. Tariffs, product mix, marketing timing, Veracruz start-up costs, and high packaging and raw material costs from inflationary pressures are expected to have weighed on operating income in both the beer and wine and spirits businesses. STZ trades at a forward 12-month price-to-earnings ratio of 9.39X, below its five-year high of 18.33X and the Beverages - Alcohol industry average of 13.91X, while its shares have lost 17.8% in the past three months compared with the industry's 6.7% decline.
GFPT confirms normal plant operations, flooding only affects transport, new slaughterhouse test run early 2027
GFPT has confirmed that its chicken slaughterhouse and processing plants in Samut Prakan province are still operating normally, even though flooding has caused slight delays in transporting goods to ports and affected some employees whose homes were inundated. Weera Thityangkuruwong, manager of the investor relations department, said demand in the main export markets of Japan, the United Kingdom, Europe, Malaysia and China remains steady and in line with the company's plans. For the third-quarter 2026 outlook, the company sees growth compared with the very high base of the third quarter of 2025 as potentially difficult, but growth versus the second quarter of 2026 is still possible. As for the fourth quarter of 2026, which is the high season, the situation will need to be reassessed because flooding could dampen tourism and domestic consumption, leaving overall 2026 earnings likely to be flat. Meanwhile, the new chicken slaughterhouse and cutting plant in Chonburi province, which sits upstream in the processing chain and supports a production capacity of about 150,000 birds per day, is preparing for a test run in early 2027, or the first quarter of 2027, and is expected to begin commercial operations around the second quarter of 2027, before the company moves ahead with building a cooked-food processing plant with a capacity of about 30,000 tons per year. GFPT currently has slaughterhouse capacity of about 150,000 birds per day but slaughters only about 100,000 birds per day, while its joint venture GFN slaughters about 100,000 birds per day, giving the group total chicken slaughter of roughly 200,000 to 260,000 birds per day. On the weaker baht, the company views it as a slight net positive, because export revenue received in US dollars exceeds the value of imports of animal feed raw materials, which are also priced in US dollars.
GFPT.BK · Capital · Positive New Chonburi slaughterhouse and cutting plant prepares for test run in early 2027 and commercial operations around Q2 2027, expanding capacity.
GFPT.BK · Monetary · Positive Company views the weaker baht as a slight net positive since export revenue in US dollars exceeds import value.
GFPT.BK · Supply · Neutral Flooding delays transport to ports and affects employees, but slaughterhouse and processing plants still operate normally.
PepsiCo Expected to Post Flat Earnings on 3.9% Revenue Growth
PepsiCo is expected to report flat earnings on higher revenues when it releases results for the quarter ended September 2026 on October 8. The food and beverage company is projected to post quarterly earnings of $2.29 per share, unchanged from the year-ago quarter, while revenues are expected to reach $24.88 billion, up 3.9% from a year earlier. The consensus EPS estimate has been revised 0.12% lower over the last 30 days, and the Most Accurate Estimate sits below the Zacks Consensus Estimate, producing an Earnings ESP of -0.10%. Combined with the stock's Zacks Rank of #4, that makes it difficult to conclusively predict a PepsiCo earnings beat. In the last reported quarter, PepsiCo posted earnings of $2.20 per share against an expectation of $2.19, a surprise of +0.46%, and the company has beaten consensus EPS estimates in each of the last four quarters.
PEP · Capital · Neutral PepsiCo expected to post flat EPS of $2.29 on 3.9% revenue growth, with a negative Earnings ESP and Zacks Rank #4 making an earnings beat hard to predict.
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