CBG-OSP Rise Sharply on Positive Outlook in 2023, China’s Reopening

Shares of Thailand’s leading beverage companies, OSP and CBG, gained sharply on Friday as gas prices fell and ahead of China’s reopening on January 8.

The share price of Carabao Group Pcl. (SET:CBG) rose THB4.25/share, or 4.49%, to THB99.00/share, with a trading value of THB728 million. 

The share price of Osotspa Pcl. (SET:OSP) rose THB1.25/share, or 4.46%, to THB29.25/share, with a trading value of THB552 million. 

Analysts anticipate that both firms will enjoy further recovery in the second half of 2023, fueled mainly by China’s reopening.

Meanwhile, Krungsri Securities sees positive prospects for CBG in 2023, based on (i) improving demand since reopening, (ii) lower aluminum costs, and (iii) decreased logistic costs. Maintain BUY with a THB108/share target price.