Wannipa Bhakdibutr, CEO of Osotspa Public Company Limited (SET: OSP), revealed that the company’s performance in 2Q25 is expected to sustain its growth momentum from 1Q25 and the same period in 2024.
This resilience is attributed to OSP’s diversified product portfolio, encompassing essential daily-use items in both the Health and Wellness/Beverages segment—such as energy drinks, vitamin drinks, and herbal beverages—and the Personal Care line. These categories see steady demand, even as Thailand’s economic conditions and consumer purchasing power show signs of slowing.
Moreover, OSP has effectively managed its costs and expenses. Notably, 90% of its raw material costs are hedged through to the end of 2025, supporting the company’s stability across various economic cycles.
Currently, OSP maintains a commanding position as the number one player across all price segments of Thailand’s health beverage market—including the THB 10, THB 12, and THB 15 brackets.
The flagship energy drink, M-150 priced at THB 12, alone commands over 80% market share—a lead that continues to hold. Additionally, the new M-150 with a yellow cap, launched in February 2025 to celebrate the brand’s 40th anniversary at the THB10 price, has followed its marketing plan closely, steadily increasing OSP’s overall market share.
As of April 2025, M-150 increased its market share to 45% of the total THB 22.5 billion energy drink market, split between M-150 Yellow Cap at 10% and M-150 Gold Cap at 35%. This compares favorably with a 44.5% market share at the end of 2024.
OSP anticipates raising total market share by at least 2-3% by the end of 2025, with a best-case target of 5%. Should M-150 Yellow Cap sustain its momentum, the company is prepared to extend its market presence beyond the initially planned one-year period, aligning with OSP’s broader marketing strategy. The long-term ambition is to retake a 49% market share.
Looking ahead, Wannipa stated that OSP expects its full-year operations to remain on target, both domestically and internationally—namely in Myanmar, Laos, Indonesia, and Vietnam—which collectively account for one-quarter of total revenue.
Furthermore, OSP is set to introduce the Baby Mild brand and products co-developed with Butter Bear into the Chinese market during 3Q25, with optimistic expectations for a warm reception.
The only significant headwind foreseen for the rest of 2025 is continued erosion of Thai consumer purchasing power and restrained spending following the downward revision of Thailand’s GDP. Additional marketing activities for M-150 Gold Cap are also planned for the third quarter of 2025.
OSP’s new can manufacturing facility will be completed and commenced commercial operations in the quarter ends in September. This vertical integration will enable production of cans in various sizes, reduce costs, and improve efficiency group-wide.
For 2025 as a whole, OSP is confident in achieving single-digit sales growth over last year’s THB 27.5 billion and exceeding 2024’s net profit of approximately THB 1.6 billion.
The company sees no material internal or external risks—domestic or overseas—that might constrain this positive outlook. OSP carries no financial institution debt and maintains ample cash flow to fund both domestic and international expansion, as well as potential M&A activity.
Strong operations have further enabled OSP to control raw material and utility costs effectively, while administrative expenses are managed in tandem with efficient brand-building investments.
Increased international sales—both of energy drinks and high-margin personal care products—have buoyed gross and net margins to record highs, highlighting OSP’s operational and profit-generating strength.
OSP remains committed to driving future growth through an innovative product portfolio and strategic partnerships to address the increasingly diverse needs of consumers. Efforts include new flavor, packaging, and product innovations to enhance the consumer experience and promote wellness and quality of life.
Mrs. Wannipa emphasized, OSP continues to drive its Brand Portfolio strategy, revitalizing powerful regional brands like In-Sam Ginseng, which is growing rapidly in the Northeast, and Shark, a favorite in the North and South. The premium market is addressed by Lipo and M-150 Sparkling, ensuring full segmentation across accessible (THB 10) to premium (THB 12–THB 20) price points and enabling sustainable growth through all channels. Campaigns tailored to true consumer insight—such as the redesigned ‘Debt-Free Every Hour’—have significantly increased participation and fostered stronger brand engagement and consumer loyalty across the board.
