Osotspa Public Company Limited, along with its subsidiaries, manufactures and distributes energy drinks and personal care products in Thailand and internationally. It operates through three segments: Beverage, Personal Care, and Others. The company offers energy and sport drinks under the M-150, Lipo, Som in Sum, M-Sport, Shark, and White Shark brands; and functional drinks under the C-Vitt, Peptein, Calpis Lacto, One Day Vitamins, and HANGster brands. It also provides baby care products, including baby wash, powder, soap, lotion, oil, shampoo, laundry detergent, and fabric softener, as well as gift sets, dish soap, feminine cleansing, hand foam, hand sanitizer, surface and product cleanser, head to toe wash, and fluoride toothpaste for kids under the Babi Mild brand. In addition, the company offers deodorant, powder, shower, perfume, and lotion products under the Twelve Plus and Exit brands; and healthcare and confectionery products under the Kilane, OLE, and Banner brands. Further, it engages in the manufacture and distribution of glass; distribution of beverage and cullet products; import, retail, and wholesale of beverages; investing in other companies; electronic commerce and education businesses; and sale of herbal products, as well as provides procurement services for raw materials and packaging materials; and marketing, property rental, and research and development services. Osotspa Public Company Limited was founded in 1891 and is based in Bangkok, Thailand.
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CBG Q3 Profit Grows Against OSP, Analysts See It as a Top Pick
Analysts from Bualuang Securities Public Company Limited expect CBG's core profit in the third quarter of 2026 to be around 736 million baht, up 19% from the same period last year and flat from the previous quarter. Meanwhile, OSP is expected to see a decline to around 665 million baht, down 5% year-on-year and down 40% quarter-on-quarter. CBG is supported by domestic energy drink sales growing 10% and sales in Myanmar increasing 70%. In contrast, OSP faces seasonally weak sales in the CLMV group and higher packaging costs. Analysts view CBG as a top pick due to its strong revenue growth momentum. Although OSP trades at a lower 2027 P/E of 13.2 times compared to 17.2 times for CBG, CBG deserves a premium valuation given its expected 2027 profit growth of 15% versus 7% for OSP, and its ROE is projected to improve to 20.7% in 2027.
Broker says OSP profit grows with record-high margin, recommends buy
ASL Securities says OSP posted second-quarter 2026 net profit of 1.1 billion baht, down 5% quarter-on-quarter but up 8.9% year-on-year. Gross margin continued to expand to a record high of 42.8%, up from 41.9% in the second quarter of 2025 and 42.5% in the previous quarter, thanks to lower unit costs and a premiumization strategy, especially support from sales of new products such as C-vitt, 150-Sparkling, 150-milliliter Lipo, and Babi Mild brand products. Selling and administrative expenses as a percentage of sales fell to 22.5%, compared with 24.4% in the second quarter of 2025, due to production centralization, but rose from 21.9% in the previous quarter because of higher transport costs following global oil prices. Total revenue was 6.1 billion baht, down 3.6% quarter-on-quarter and 10.2% year-on-year, affected by lower overseas revenue, especially the inability to ship products to Myanmar for about 45 days. First-half 2026 net profit was 2.2 billion baht, down 0.8% year-on-year, accounting for 59% of the full-year 2026 estimate. The research team raised its 2026 profit forecast by 7% to 3.8 billion baht, up 4.7% year-on-year, to reflect first-half results and management guidance. It expects third-quarter 2026 earnings to contract seasonally during the rainy season in ASEAN, with a recovery in the fourth quarter. Key growth drivers are a higher gross margin reaching 41%, compared with 40% in 2025, and selling and administrative expenses as a percentage of sales falling to 23.5%, compared with 25.2% in 2025. Pressure comes from total revenue shrinking to 25 billion baht, down 1.1% year-on-year. Although management has obtained an import license in Myanmar, overseas revenue is still contracting due to weaker purchasing power and transport problems, especially in the Middle East. The broker recommends buy with a 2027 target price of 20.00 baht, based on a price-to-earnings ratio of 14.8 times, which is close to the five-year historical average of 29.3 times. The current price-to-earnings ratio is 14.5 times, an attractive level. OSP stands out for its profitability, especially gross margin and return on equity that are higher than peers. It also announced an interim dividend of 0.45 baht per share, with the ex-dividend date on 27 August 2026 and payment on 10 September 2026, representing a dividend yield of 2.6%, with an expected 2026 dividend yield of 4.8%.
Yuanta maintains buy rating on OSP with target price of 21.80 baht
Yuanta Securities maintains a buy recommendation on Osotspa Public Company Limited, or OSP, with a fair value of 21.80 baht, after attending an analyst meeting yesterday. The broker expects third-quarter 2026 normalized profit of 750 to 850 million baht, down quarter-on-quarter due to seasonality but still growing year-on-year, even though revenue from Myanmar is pressured by import licenses and the new accounting standard TAS21. Domestic business is expected to grow 5 to 7 percent, supported by energy drinks, health drinks, and personal care products. Gross margin is expected to decline to 39.5 to 40.5 percent due to packaging and ingredient costs, but still rise slightly from a year earlier thanks to the consolidation of production at the Ayutthaya facility. Management said the import license issue in Myanmar is starting to ease, and sales in Laos and Indonesia are strong, so overseas revenue in the second half of 2026 may decline less than in the first half. For the fourth quarter, profit is expected to return to growth both quarter-on-quarter and year-on-year. The company will lease 45 rai of land to CPAXT for 30 years and will begin recognizing rental income of about 40 million baht per year from the second quarter of 2027. Yuanta maintains its 2026 and 2027 normalized profit forecasts at 3.861 billion baht and 4.12 billion baht, respectively, and notes the first-half 2026 dividend of 0.45 baht per share, representing a yield of 2.5 percent. The stock will trade ex-dividend on August 27, 2026, with payment on September 10, 2026.
OSP expects single-digit revenue growth this year, prepares new products for health trends
Osotspa expects revenue in 2026 to grow at a low to mid single-digit rate, while pressing ahead with a strategy to strengthen its core business and build new growth engines, focusing on premium products priced above 12 baht and the health and lifestyle segment. The company has set a capital expenditure budget of 400 to 500 million baht for innovation, digital technology, and distribution. In the third quarter, it will launch new products such as M150 Sparkling strawberry fizz sugar-free, a new Peptein formula, and the men's fragrance Exit Gentlemen Perfume Spray.
Asia Plus highlights ICHI and OSP dividends, assesses Q3 2026 outlook
Asia Plus Securities' research team has issued an analysis of beverage stocks ICHI and OSP after both announced interim dividend payments from first-half results, along with an assessment of third-quarter 2026 and full-year 2026 trends. ICHI reported normalized profit of 309 million baht in the second quarter of 2026, up 8% quarter-on-quarter but down 1% year-on-year, 7% below the research team's estimate but close to market expectations. The quarter-on-quarter profit growth came from an 11% quarter-on-quarter rise in sales, driven by the hot season and the Thai Chuay Thai Plus stimulus measures. For the third quarter of 2026, profit is expected to be flat quarter-on-quarter despite entering the low season, because alkaline water sales continue to expand well both domestically and through new exports to China and Canada, and the company may begin original equipment manufacturing services. However, profit is expected to decline slightly year-on-year due to lower margins from higher packaging costs. The company announced a first-half dividend of 0.45 baht per share, representing a yield of 3.0%. The research team maintains its full-year 2026 normalized profit estimate at 1.25 billion baht, up 1% year-on-year, and keeps a speculative buy recommendation with a target price of 15.80 baht. For OSP, normalized profit in the second quarter of 2026 was 1.1 billion baht, down 5% quarter-on-quarter but up 9% year-on-year, close to both the research team's and market expectations. The quarter-on-quarter profit decline came from a 4% quarter-on-quarter drop in sales, with beverages down 5% quarter-on-quarter due to Myanmar import regulations and other products down 7% quarter-on-quarter following a policy to reduce glass bottle production for external customers. Meanwhile, year-on-year profit growth was supported by a record gross margin of 42.8% in the second quarter of 2026, up from 41.9% in the second quarter of 2025, and selling and administrative expenses as a percentage of sales fell 2.1 percentage points to 22.5%. For the third quarter of 2026, profit is expected to contract quarter-on-quarter due to seasonal sales slowdown and higher raw material costs from the war situation, but still grow year-on-year thanks to production efficiency and marketing expense control. The research team maintains its full-year 2026 normalized profit estimate at 3.89 billion baht, up 11% year-on-year, and upgrades its recommendation to buy from speculative buy, using a 2027 target price of 19.20 baht. It expects profit recovery both quarter-on-quarter and year-on-year in the fourth quarter of 2026, alongside the company's announced dividend of 0.45 baht per share, representing a yield of 2.6%.
Osotspa Q2 profit rises 8.9%, margin hits record 42.8%
Osotspa reported second-quarter net profit for fiscal 2026 of 1.1 billion baht, up 8.9% from the same period last year, while gross margin reached a record high of 42.8% on better production efficiency, cost and supply chain management, and growth in its core domestic business. As a result, first-half net profit from normal operations came to 2.257 billion baht, up 14.0% from a year earlier. Sales revenue on an adjusted basis grew 1.7%, while net profit and normalised profit grew 20.2% and 42.6% respectively. Domestic beverages grew 6.0%, driven by M-150, Lipovitan-D, C-Vitt and Peptein, while personal care grew 8.3%, led by Babi Mild and Ultra Mild by Babi Mild. International business excluding Myanmar grew 19.5%, even as the Myanmar business remained affected by restrictions on raw material import licences. The board approved an interim dividend of 0.45 baht per share, with the stock trading ex-dividend on 27 August and payment on 10 September 2026. For 2026, the company targets low-to-mid single-digit revenue growth on an adjusted basis.
OSP Announces Interim Dividend of 0.45 Baht per Share
Osotspa Public Company Limited, or OSP, has announced an interim cash dividend of 0.45 baht per share. The board of directors approved the dividend on 13 August 2026, with the record date for shareholders entitled to receive the dividend set for 28 August 2026 and the XD date on 27 August 2026. The dividend is paid from operating results for the period from 1 January 2026 to 30 June 2026, comprising 0.06 baht per share from net profit of subsidiaries receiving investment promotion and 0.39 baht per share from net profit of businesses subject to corporate income tax at 20 percent. The dividend payment is scheduled for 10 September 2026.
InnovestX Securities states that the signing of an MOU extending the employment period for over four million Myanmar workers in Thailand by another five years will help unlock the most critical labour bottleneck for Thailand's labour-intensive industrial sector. It also aims to push bilateral trade value to 12 billion US dollars, up from around 7.4 billion dollars, through accelerating border checkpoint restoration, using local currency payment systems, and promoting infrastructure investment, especially the Dawei Special Economic Zone project. However, risks remain from Western sanctions that could pressure the valuation of stocks with concessions or direct investment linked to the Myanmar military government. For short-term investment strategy, the firm recommends speculative trading based on news factors for beneficiary stocks, divided into two themes: groups directly benefiting from more stable labour cost management, such as CK, STECON, GFPT, BTG, CPF, and groups benefiting from a recovering border trade atmosphere, such as MEGA, TNP, CBG, OSP, CHG, BCH.
OSP and CPAXT join forces to develop mixed-use project on 45 rai in Hua Mak–Ramkhamhaeng area
Osotspa Public Company Limited, or OSP, has signed a 30-year long-term lease agreement for 45 rai of land at its Hua Mak headquarters with CP Axtra Public Company Limited, or CPAXT, to jointly develop a shopping centre project under the Happy lifestyle community concept, with Lotus's hypermarket as the anchor tenant. The project is located on OSP's land in the heart of the Hua Mak–Ramkhamhaeng area, a densely populated location with high purchasing power. CPAXT will bring its retail business expertise to create a new retail and lifestyle landmark. Renovation and construction are expected to begin soon, and once completed, the project will help enhance the quality of life for the surrounding community.
Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes
Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.
Brokers Recommend Accumulating Meat and Beverage Stocks Ahead of El Niño Intensifying Late This Year
Brokers are advising investors to gradually accumulate stocks in the meat and beverage sectors before the impacts of the El Niño phenomenon become pronounced from late this year into early next year. This follows the NOAA Climate Prediction Center's official declaration on June 11, 2026, that the world has entered El Niño conditions, with a 63% chance it will intensify into a super El Niño between November 2026 and January 2027. This could bring hotter and drier weather than usual to Thailand. Historically, during super El Niño periods, Thailand's average annual rainfall dropped to about 1,446 millimeters, roughly 9.4% below the 40-year long-term average of 1,596 millimeters, while maximum temperatures reached around 41 degrees Celsius, about 2 degrees above normal. In the meat sector, particularly pork, prices are likely to benefit from upward pressure as heat stress slows pig growth and raises disease risk, reducing market supply. Data from 2004 to 2023 shows pork prices rose an average of about 17% during El Niño periods, compared to an average increase of around 12% for chicken. Meanwhile, the beverage and convenience store sectors are expected to be supported by higher beverage consumption during hot weather. Brokers therefore recommend meat stocks such as BTG, TFG, and CPF, and beverage stocks including ICHI, CBG, and OSP, as well as convenience store operator CPALL.
Stocks with Rising Profits and Strong Dividends Ahead of Second-Quarter Earnings Season
The Thai stock market is entering the period for second-quarter 2026 earnings announcements and interim dividend payments. Bualuang Securities' Wealth Research team notes that the SET Dividend Yield for 2026 is expected to be around 3.5 percent, compared with the 10-year Thai government bond yield of approximately 2.0 percent, resulting in a yield spread of about 1.5 percent, which is above the long-term average. This reflects that stocks still offer an additional return relative to bonds. The highlight this round is the combination of yield and earnings growth, with many companies likely to see upward earnings revisions or no significant downward adjustments over the past three months. The energy sector remains a key driver due to higher energy prices, while the communications sector is beginning to show more qualitative growth, with ADVANC and TRUE supported by recovering ARPU and subscriber numbers. The food and beverage sector is seeing positive signals from easing costs, with OSP standing out in margin management, TU benefiting from lower raw material costs, and CPF supported by recovering agricultural commodity price trends. The hospital sector is expected to gradually recover in the second half of the year, driven by returning Thai patient revenue and improving foreign patient demand. The strategy continues to focus on selecting individual stocks with strong cash flows, the ability to maintain margins, and consistent dividend payments.
Brokers maintain buy rating on OSP after strong second-quarter profit
Osotspa Public Company Limited, or OSP, is expected to report second-quarter 2026 net profit growth from the same period last year, even as total revenue softens. Dao Securities forecasts normalised profit of 1.105 billion baht, up 9 percent from a year earlier but down 4 percent from the previous quarter, on total revenue of 6.219 billion baht, down 9 percent year-on-year and 2 percent quarter-on-quarter. Tisco Securities estimates net profit at 1.114 billion baht, up 10 percent from a year ago and down 4 percent from the prior quarter, on revenue of 6.169 billion baht, down 9 percent year-on-year. Both research houses see the main support coming from a recovery in the domestic business and effective cost management, pushing the gross profit margin to a new high of 42.8 percent according to Dao and 43.0 percent according to Tisco, even though the export business, especially in Myanmar, remains pressured by import licence issues and changes in accounting standards. For the second half of 2026, the problems in Myanmar are expected to gradually ease, but seasonal factors and higher energy costs will still weigh on margins. Dao Securities maintains a buy recommendation and raises its target price to 20.00 baht from 19.00 baht, while Tisco Securities keeps its buy rating with a target price of 19.00 baht, noting that the stock is still trading below the sector average and offers a dividend yield of around 4 to 5 percent.
Krungsri Securities expects OSP's normalized profit in Q2 2026 to grow 5% as gross margin hits new high
Krungsri Securities expects OSP's normalized profit in the second quarter of 2026 at 1.06 billion baht, up 5% year-on-year but down 9% quarter-on-quarter. Gross margin is forecast to reach a new high of 42.6%, driven by an improved cost structure following a major production efficiency overhaul, helping to offset still-weak revenue from Myanmar, which accounts for 20% of total revenue. Total revenue is projected at 6.1 billion baht, down 10% year-on-year. Normalized profit for full-year 2026 is estimated at 3.63 billion baht, up 4% year-on-year, with the first half expected to account for 61% of the full-year forecast. The research team maintains a Neutral recommendation and a 2026 target price of 18.40 baht, based on a 15-times price-to-earnings ratio.