Today, Carabao Group PCL (SET: CBG) closed significantly lower by 6.74%, or THB 3.00 per share, at THB 41.50 per share, with a trading value of THB 243.58 million, weighed by the ongoing conflict between Thailand and Cambodia that could impact its export revenue.
However, Krungsri Securities (KSS) reaffirms its “BUY” recommendation with a target price of THB 58 per share, even as renewed tensions between two nations raise concerns about a potential revenue impact.
Currently, CBG derives approximately 4% of its revenues from Cambodia, a notable decrease from the previous 14% before the third quarter of 2025.
KSS projects about THB 1.2 billion of revenue from Cambodian sales for 2026F. Should political tensions escalate further, the brokerage estimates that core profit for 2026F and the target price could decline by about 4%.
Despite this risk, KSS highlights CBG’s resilience, noting that if Cambodia’s contribution is excluded, the company could still achieve a 5% core profit growth in 2026F, driven by an anticipated increase in domestic energy drink market share by 4 percentage points to 32%, as well as continued growth of the Khao Hom liquor segment.
