Asia Plus says CBG and ICHI stand out most from Thailand's Thai Chai Thai Plus Phase 2 stimulus

Thunhoon··THMMCN·Read original
2▲3 ▼0Impact / 5
Summary · why it matters

The research team at Asia Plus Securities said the beverage stocks expected to benefit most from the cabinet's extension of the Thai Chai Thai Plus Phase 2 measure, which adds another 1,000 baht per person over two months from October to November 2026, is CBG, which derives about 70% of revenue from traditional domestic retail channels. Next come OSP and ICHI, with revenue shares of about 40%. SAPPE and COCOCO are likely to see fairly limited gains because most of their revenue comes from overseas markets. For the beverage group's third-quarter 2026 results, the team initially expects nothing exciting, as this is the low season for domestic sales due to the rainy season, while export revenue is lackluster because of Myanmar's import regulation problems and coconut water sales in the Chinese market continue to contract. However, the research team expects the group's profit to grow both quarter on quarter and year on year in the fourth quarter of 2026, driven by domestic sales that should accelerate on seasonal factors and government economic stimulus measures. The research team maintains an equal-weight investment rating on the beverage group, based on normal profit growth of 11% year on year for both 2026 and 2027, and picks CBG and ICHI as top stocks because they are expected to benefit most from the Thai Chai Thai Plus measure and are seen posting stronger profit momentum than the group in the second half of this year. CBG is supported by continued growth in domestic energy drink sales, rapid expansion of revenue from contract manufacturing of the LoveZa beverage brand, and revenue from helping distribute alcoholic beverages for others, which tends to be high during the year-end festival season. ICHI will be supported by additional production capacity from its Honchuan partner coming on stream in the fourth quarter of 2026, along with continued strong growth in alkaline water sales.

Impact on assets 5

Consumer Staples▲ · 5 stocks
Carabao Group Public Company Limited
CBG
▲ PositiveDemandrelevance

CBG derives ~70% of revenue from traditional domestic retail channels, so it benefits most from the Thai Chai Thai Plus Phase 2 stimulus adding 1,000 baht per person.

Ichitan Group Public Company Limited
ICHI
▲ PositiveDemandrelevance

ICHI is picked as a top stock expected to benefit most from the Thai Chai Thai Plus measure, with ~40% of revenue from domestic retail channels.

Osotspa Public Company Limited
OSP
▲ PositiveDemandrelevance

OSP is named as a next-tier beneficiary of the Thai Chai Thai Plus Phase 2 stimulus with about 40% of revenue from domestic retail channels.

Thai Coconut Public Company Limited
COCOCO
± MixedDemandrelevance

COCOCO's gains from the stimulus are fairly limited since most revenue comes from overseas, and coconut water sales in China continue to contract.

Sappe Public Company Limited
SAPPE
± MixedDemandrelevance

SAPPE is likely to see fairly limited gains from the stimulus because most of its revenue comes from overseas markets.

© 2026 MarketIVNews