Maybank Securities (Thailand) has kept its “Positive” rating on the Thai food and beverage sector unchanged. The view follows the brokerage’s F&B Day on September 18, where its analysts met executives from Charoen Pokphand Foods (CPF), i-Tail Corp (ITC), Osotspa (OSP) and RBF.
Geopolitical tensions have re-escalated, which could push raw material costs higher in the second half of 2026. However, Maybank said management teams appear better prepared and more able to manage cost pressures than they were in 2Q26.
Within the food group, the brokerage continues to prefer CPF. It expects the company’s core earnings per share to grow 30% year-on-year in 2027, the highest among the food and beverage stocks it covers. The stock also offers a dividend yield of about 4%.
CPF’s management remains upbeat on 2H26 performance, supported by recovering meat prices in Thailand and China, even as soybean meal costs rise.
Maybank expects Thai meat prices to stay elevated because supply has tightened after a disease outbreak in 2Q26. Chicken exports remain strong on solid European demand, and the Thailand-EU free trade agreement could add further support in 2027.
CPF also faces a lawsuit over black-chin tilapia, which Maybank said may weigh on investor sentiment. However, it sees no financial impact in 2027 and views the recent share price pullback as a chance to accumulate the stock.
Maybank rates CPF a Buy with a target price of THB 27.25, about 22% above the recent price of THB 23.10.
Meanwhile, ITC’s management maintained its 2026 revenue growth target of 14–17%, driven by strong pet food demand in almost every region. Higher fish and packaging costs may squeeze gross profit margin (GPM) in 3Q26. Management expects cost savings, selling price adjustments and a better product mix to hold the 2026 GPM within a 23–25% range.
Maybank pointed to three growth drivers:
- Expansion of the Chunk & Pâté product range in the US
- Market penetration in Australia
- Potential M&A opportunities
The firm rates ITC a Buy with a target price of THB 21.40, implying 34% upside. Maybank expects stronger sales in 2H26 and margin expansion in 2027 as restructuring costs decline.
Additionally, OSP’s management expects 2H26 sales to be driven by stronger domestic beverage demand, healthy online sales of personal care products and a recovery in Myanmar.
Higher raw material costs may pressure GPM in 3Q26. Cost-reduction programs should help profit keep growing year-on-year. For 2027, OSP aims to accelerate revenue growth by expanding distribution channels in Thailand. It also expects a larger revenue share from Myanmar, Indonesia and Laos.
Maybank maintained its Buy rating and THB 21.50 target price, about 39% above the current price of THB 16.10. It cited improving sales, cost discipline and the Myanmar recovery.
Maybank’s coverage at glance
| Stock | Rating | Price (THB) |
Target (THB) |
Upside (%) | P/E 2026 |
P/E 2027 |
Div. yield 2026 |
| CPF | Buy | 23.10 | 27.25 | 22 | 11.1 | 8.5 | 4.1 |
| Thai Union Group | Buy | 12.70 | 14.50 | 21 | 11.8 | 10.8 | 6.3 |
| Carabao Group | Buy | 55.75 | 64.00 | 19 | 19.9 | 17.4 | 3.6 |
| i-Tail Corp | Buy | 16.70 | 21.40 | 34 | 14.9 | 13.3 | 6.0 |
| Osotspa | Buy | 16.10 | 21.50 | 39 | 12.7 | 11.9 | 5.4 |
| GFPT | Hold | 10.70 | 10.20 | (3) | 6.1 | 5.8 | 1.7 |
| Thai Vegetable Oil | Hold | 27.50 | 29.00 | 14 | 9.1 | 9.5 | 8.7 |
| Ichitan Group | Buy | 13.80 | 16.10 | 23 | 15.2 | 13.7 | 6.8 |
| SAPPE | Buy | 32.50 | 45.00 | 43 | 13.4 | 11.6 | 5.2 |
