On Thursday, the share price of Carabao Group Public Company Limited (SET: CBG) at the time of 11:30 a.m. was at THB 54.50, a THB 3.00 or 5.22% decrease with a total trading value of THB 309.73 million.
Concurrently, the share price of Osotspa Public Company Limited (SET: OSP) at the same time was at THB 16.80, a THB 0.60 or 3.45% decrease with a total trading value of THB 221.20 million.
Finansia Syrus Securities (FSS) has highlighted that the escalating tensions between Thailand and Cambodia—marked by the downgrading of diplomatic relations and the recall of ambassadors—have reintroduced border conflicts as a negative factor for the Thai equities market. The impact is expected to be particularly acute for CBG, which generates around 13% of its total revenue from Cambodia.
Although CBG has shifted its export strategy to ship goods to Cambodia by sea after land transportation was halted due to border closures, the longer shipping period has already begun to affect export revenues starting in 2Q25. FSS projects that CBG’s revenue from Cambodia will fall both quarter-on-quarter and year-on-year, reflecting the consequences of the border shutdown that began in June this year.
Finansia further assesses that if the diplomatic standoff drags on, it could put pressure on CBG’s earnings throughout the second half of 2025. This headwind is expected to persist until the company’s new Cambodian factory becomes operational and commences commercial production as scheduled in December 2025.
On the other hand, OSP is expected to experience only a marginal impact. OSP derives just 1–2% of its total revenue from Cambodia, which translates to minimal risk even in a prolonged conflict. FSS notes that the actual impact on the company’s core financial performance should be limited.
