CGS International Securities (Thailand) (CGSI) views the recent strategic agreement involving Carabao Group Public Company Limited (SET: CBG) as a noteworthy development for the company’s international expansion.
On September 24, 2025, Tsingtao Beer, Tawandang Brewery 1999—a company affiliated with CBG—and Thai China Beverage (Nam Yong Terminal) entered into a partnership designed to create a comprehensive platform spanning production, distribution, and cross-border initiatives.
Under the first stage of this cooperation, Tawandang Brewery 1999 will handle local production of Tsingtao beer in Thailand, while Nam Yong Terminal retains its exclusive distribution role. For CBG, the benefit will come from supplying packaging materials—such as bottles, cans, cartons, and labels—a segment expected to generate revenue from the 2026 fiscal year onward, though exact output figures still remain unconfirmed.
A potentially more transformative second phase is currently being negotiated. According to management, should a deal be reached within the year, Tsingtao Beer would begin production of Carabao’s energy drinks in China, using concentrate supplied by CBG. This would grant CBG an asset-light route into China’s substantial energy drink sector.
CGSI points out that although the immediate financial gains for CBG will stem mainly from packaging sales and are likely to be limited in the short term, the partnership’s long-term potential is compelling. Should the cross-border venture prove successful, it could be pivotal for CBG’s overseas growth trajectory.
Though execution risks should be considered, the analyst believes this alliance supports a more dynamic growth narrative for Carabao Group and could be a positive signal for market confidence.
