Dr. Worawat Chinpinkyo, Chief Executive Officer and Managing Director of Thai Coconut Public Company Limited (SET: COCOCO), stated that the company anticipates its operating results for the first quarter of 2026 to surpass those of the same period last year, attributed to the expansion across all business segments, including coconut water production, coconut milk products, by-products, and pet food.
Notably, the company’s Board of Directors meeting is set to be convened on May 13, 2026, to approve and announce the results.
Regarding the 2026 business plan, COCOCO maintains its target for total sales revenue to grow by 25-30% compared to 2025, when the figure was approximately THB 6.7 billion. Net profit is also expected to increase from last year’s figure of THB 244 million, largely due to coconut prices normalizing after being elevated and volatile in the previous year.
Market conditions are favorable in 2026, supported by effective cost control in raw materials and other expenses. Dr. Worawat noted that the Middle East conflict is expected to impact total costs by no more than 1%, as the company typically hedges its raw material prices for the entire year.
COCOCO’s 2026 business outlook is founded on three key product categories. First, the coconut water segment has benefited from a decline in aromatic coconut (Nam Hom coconut) prices, as increased supply has lowered production costs while orders from the U.S. market have risen compared to the prior year.
Although the issue of counterfeit coconut water in China persists, efforts to restore consumer confidence are ongoing; should the situation normalize, COCOCO, having always produced genuine coconut water, is well-positioned for competitive advantage.
Second, for coconut milk products, order volumes are expected to rise starting from the second quarter of 2026, as the first quarter is characterized by seasonally low demand. The segment also stands to benefit from reduced input costs, following last year’s El Niño phenomenon, which had driven up prices and caused raw material shortages.
Additionally, the new manufacturing facility in the Philippines is scheduled to begin commercial production in the third quarter of 2026, significantly lowering overall costs thanks to coconut prices that are approximately 50% less than those in Thailand. The company will also benefit from reduced import tariffs when exporting to the U.S., Europe, Canada, and the U.K. Thus, the coconut milk business is projected to grow substantially in 2027.
Third, the pet food business, under Thai Awesome Co., Ltd., is set to sustain a growth rate of 100% over last year due to significant expansion in major markets, especially the United States, as well as strong demand in more than 36 countries worldwide. Existing orders already extend through the end of 2026.
Moreover, there are plans to spin off and list Thai Awesome Co., Ltd. on the stock exchange in the second half of 2027, as sales and profits now meet listing requirements. The company believes this is the right time for Thai Awesome to grow independently and ensure sustainability.
On April 22, 2026, COCOCO signed an agreement appointing managers for the distribution of two tranches of debentures, with a combined value not exceeding THB 500 million, in preparation for an offering to institutional and high-net-worth investors. Subscription will be available from April 27 to 29, 2026. This issuance—COCOCO’s first—will support its expansion plans and further the global recognition of Thai brands.
The debenture offering marks a significant step in strengthening financial flexibility to support both domestic and international expansion. Funds will be used to increase production capacity, develop new or derivative coconut-based products, and respond to evolving global consumer demand, contributing to sustainable long-term growth and the international reputation of Thai products.
Mr. Seksan Thanopajai, Chief Executive Officer of Fin Plus Advisory, as the company’s financial advisor, highlighted that this debenture offering underscores COCOCO’s readiness in terms of financial structure and business growth potential. He emphasized the company’s strength as an integrated player in the coconut products industry, with a comprehensive supply chain and ongoing product innovation to satisfy global consumer demand, and expressed confidence that the debentures would attract investors seeking opportunities in fundamentally strong and high-growth businesses.
Mrs. Yodrudee Santatikul, Executive Director of Asia Plus Securities, as one of the managers for the debenture offering, detailed that the issuance consists of two tranches totaling up to THB 500 million. The first tranche, valued up to THB 300 million, has a two-year term and a fixed annual interest rate of 4.85%. The second tranche, also up to THB 300 million, has a three-year term and a fixed rate of 5.05% per annum. Interest will be paid quarterly throughout the debenture tenor.
COCOCO debentures present an attractive yield in the current market environment, with subscription available through six appointed distributors—Asia Plus Securities, Bluebell Securities, UOB Kay Hian Securities (Thailand), Phillip Securities (Thailand), Beyond Securities, and CGS International Securities (Thailand)—from April 27 to 29, 2026.
COCOCO is founded on strong business fundamentals in the coconut products sector, a segment that continues to benefit from global trends favoring health products. With compelling yields and a clear debenture structure, the issuance is expected to receive strong interest from both institutional and high-net-worth investors.
