The research division of Krungsri Securities issued an analysis expressing a positive view on beverage stocks, estimating group profit in 2026 at 8.98 billion baht, up 1%, and in 2027 at 9.7 billion baht, up 8%. It selected ICHI as the group's top pick with a target price of 18.10 baht and an expected dividend yield of 7%. The main supporting factor comes from a trend of earlier and more severe hot weather, with the research house assessing that El Niño has a chance of intensifying to Godzilla El Niño levels between October 2026 and April 2027, after Pacific Ocean temperatures began exceeding 2 degrees Celsius, a level considered Super El Niño. On costs, the research division stated that oil-linked and packaging costs account for roughly 7-35% of total costs. If oil prices rise by 5%, it would affect each company's profit by about 1.4-6.2%. Meanwhile, sugar costs account for only 2-6% of total costs, and every 5% increase in sugar prices would affect group profit by only about 0.7-1.2%. For third-quarter 2026 profit, the research division expects about 2.2 billion baht, up 11% from a year earlier but down 9% from the previous quarter, with CBG showing a standout trend, while ICHI is expected to post lower profit from a high base a year earlier. In 2027, ICHI is expected to be the strongest performer with profit rising 17%, driven by revenue gains from El Niño, alkaline water and green tea products, as well as lower costs and better operating leverage.
Ichitan Group Public Company LimitedKrungsri Securities names ICHI the group's top pick with an 18.10 baht target price and 7% expected dividend yield.
Carabao Group Public Company LimitedKrungsri expects CBG to show a standout Q3 2026 profit trend within the beverage group it rates positively.
