Thai Coconut Public Company Limited

Thai Coconut Public Company Limited, or COCOCO, is pressing ahead with expanding its customer base and distribution channels in overseas markets. Chief Executive Officer Dr. Worawat Chinpinkloeo said sales in the Americas and Europe have risen, driven by an expanded customer base in new markets and orders from existing customers, together with growth in coconut milk products and pet food products. The company is therefore focused on expanding in its main regions, namely the Americas, Europe and Asia, by increasing sales from its existing customer base while also penetrating new customer groups and markets, as well as taking part in international trade exhibitions. At the same time, the company is continuing to invest through NOVOCOCONUT INC. in the Philippines to boost production capacity and reduce supply chain risk, supporting the long-term expansion of overseas markets. The project is expected to begin operations within 2026.

SA is preparing to offer three tranches of bonds with maturities ranging from 2 years 1 month to 3 years 3 months to institutional investors and/or high-net-worth investors, with fixed interest rates of 7.15% to 7.45% per year, paying interest every three months. The company has received an issuer credit rating from TRIS Rating at BB. Subscription is expected to open on September 25 and September 28 to 29, 2026, with a minimum subscription of 100,000 baht and multiples of 100,000 baht. The company plans to use part of the proceeds to repay existing bonds maturing in November 2026 and to use the rest as working capital. Meanwhile, Siam Inter Auction Public Company Limited, or SIAA, has filed a filing with the Securities and Exchange Commission to proceed with its plan to list on the mai stock exchange through an IPO of no more than 94.10 million shares, with Yuan Ta Securities as financial advisor. The company plans to use the funds raised to expand infrastructure and auction facilities, and to invest in AI, IoT and automation technology. As for COCOCO, it is pushing ahead with expanding its market in key regions, namely the Americas, Europe and Asia, with sales in the Americas and Europe increasing, while aiming to boost sales from its existing customer base. At the same time, the company continues to invest through NOVOCOCONUT INC. in the Philippines, while diversifying its customer base and markets to create new business opportunities and enhance sustainable growth potential.

Mr. Tan Passakornnatee, Chief Executive Officer of Ichitan Group Public Company Limited (ICHI), revealed that the company has set a revenue target of 9 billion baht for 2026, up from approximately 8.16 billion baht in the previous year. He expects the second half to outperform the first half in both sales and profit. To expand its revenue base beyond beverages, ICHI is entering the fertilizer business through a joint venture with the Eakayongwong Group, establishing Tan Fertilizer Company Limited with a registered capital of 150 million baht. ICHI will hold 51% and the Eakayongwong Group 49%. The Thai chemical fertilizer market is valued at over 80 billion baht per year, while the Compound NPK fertilizer market, a key segment, is worth approximately 32 billion baht. The company aims for revenue of around 1.5 billion baht in the next three years (2027-2029) and a market share of 3-4%. Meanwhile, ICHI has partnered with Thai Coconut Public Company Limited (COCOCO) to launch a new product, "Yen Yen x Thai Coco," a herbal drink with coconut water. The company targets sales of 15 million baht this year and will use the first batch of approximately 100 tons of fragrant coconut, or about 376,000 fruits, to produce 2 million bottles.

Frontline Engineering Public Company Limited, or FLE, will begin trading its securities for the first time on the Market for Alternative Investment (mai) on September 1. The company operates in the sourcing, distribution, and rental of water pumps, as well as comprehensive water management, under the industrial products group. CEO Mr. Panu Chokapirat stated that the funds raised will be used to purchase machinery and equipment, expand production capacity, repay debt, and serve as working capital. Meanwhile, Origin Property Public Company Limited, or ORI, announced the successful sale of its 3/2569 debentures, both tranches, totaling 800 million baht, offered from August 25-27, which were fully subscribed as expected. Jubilee Enterprise Public Company Limited, or Jubilee, reported a 26.2% increase in net profit for the first half of the year compared to the same period last year. Additionally, Energy Absolute Public Company Limited, or EA, received the Outstanding Industry Award for the year 2568 in the category of Future Industry and Services. North East Rubber Public Company Limited, or NER, received the ESG100 Company certificate for the year 2569 from the Thai Institute of Directors. Thai Coconut Public Company Limited, or COCOCO, posted a first-half profit of 205.16 million baht, up 44.24%, driven by strong growth in coconut milk and pet food products in America and Europe, and is proceeding with investment through its subsidiary NOVOCOCONUT INC. in the Philippines.

Thai Coconut Public Company Limited, or COCOCO, reported second-quarter net profit for 2026 of 122.63 million baht, up 58.51% from the same period last year and up 48.61% from the previous quarter, driven by sales growth of coconut milk products and pet food in America and Europe, lower coconut costs, and price strategy adjustments. As a result, the first six months of 2026 saw revenue of 3.214 billion baht and net profit of 205 million baht. The company plans to expand its markets in America, Europe, and Asia, while investing through its subsidiary Novocococonut Inc. in the Philippines to increase production capacity and reduce supply chain risk, with operations expected to begin within 2026.

Pie Securities has upgraded its recommendation on Thai Coconut Public Company Limited, or COCOCO, from hold to buy, and raised its fair value to 7.20 baht from 5.80 baht, citing expectations that profitability will gradually recover year on year through the second half of 2026 and remain high in 2027. The broker expects a new factory in the Philippines, scheduled to begin production in December 2026, to lower raw material costs and reduce cost volatility, supporting more stable gross margins over the long term and strengthening competitive advantages if El Nino returns in 2027. COCOCO reported second quarter 2026 net profit of 122 million baht, up 58 percent year on year, the highest in seven quarters. Excluding extraordinary items, core profit was 130 million baht, up 82 percent year on year and 51 percent quarter on quarter, with year on year growth supported by a 700 basis point expansion in gross margin. The coconut water business remained soft, with second quarter 2026 sales falling 30 percent year on year to 697 million baht, marking a fourth consecutive quarter of year on year decline. Gross margin for coconut water was 21.3 percent, slightly down from 21.6 percent in the second quarter of 2025 but improved from 20.8 percent in the first quarter of 2026. The coconut milk business began to recover, with sales rising 13 percent year on year to 663 million baht, while gross margin increased to 25.3 percent from 7.7 percent in the second quarter of 2025 and a low of 6.4 percent in the first quarter of 2026, helped by lower raw material costs. The pet food business posted record sales of 333 million baht, up 79 percent year on year, driven by both OEM sales and products under the Moochie, VETMOO+ and MunnChie brands. However, selling and administrative expenses as a percentage of sales rose to 14.4 percent in the second quarter of 2026 from 11.8 percent in the second quarter of 2025, mainly due to pre-operating administrative expenses for the Philippines plant. For its growth plan, the company targets net profit of 800 million to 1 billion baht in 2028, up from 244 million baht in 2025. The coconut water business plans to expand further in the United States, increase market share with existing customers in the US, Europe and Asia, and launch new products in Thailand and overseas, while the China market will focus on large, high quality customers. The coconut milk business is supported by the new Philippines factory, which is now 99 percent complete and expected to begin production in December 2026, helping improve competitiveness in the European market through import tax advantages. The pet food business continues to expand both its own brands and OEM operations, with new product launches and market expansion from 35 countries in 2025 to 40 countries in 2026. Pie Securities values COCOCO at 7.20 baht using a price to earnings multiple of 16 times its 2027 earnings estimate, close to the beverage sector average, after shifting its valuation base to 2027 earnings, and maintains a positive view on the margin recovery trend, prompting the upgrade from hold to buy.

Thai Coconut Public Company Limited, or COCOCO, reported a second-quarter 2026 net profit of 122.63 million baht, up 58.51% from the same period last year and up 48.61% from the previous quarter. This brought first-half net profit to 205.16 million baht, an increase of 44.24%. Growth was driven by higher sales of coconut milk products and pet food in the US and European markets, along with a recovery in gross margin due to lower coconut costs and improved production efficiency. The gross margin in the second quarter stood at 24.14%, compared with 17.10% a year earlier. Revenue from sales and services in the second quarter was 1.73 billion baht, and for the first half it was 3.21 billion baht. The company continues to expand into international markets and increase production capacity through its subsidiary in the Philippines, which is expected to begin operations within 2026.

Thai Coconut Public Company Limited, or COCOCO, reported second-quarter core profit for fiscal year 2025 of 130 million baht, up 81.5% from the same period last year and up 50.6% from the previous quarter. Net profit came in at 122 million baht, a 58.3% increase year-on-year. Total revenue was 1.727 billion baht, down slightly by 3.5% from a year earlier but up 16.1% quarter-on-quarter, driven by seasonal factors and growing orders from the United States and Europe, which offset a slowdown from China. Gross profit margin improved to 24.1% from 17.1% in the second quarter of fiscal year 2024, helped by lower coconut costs, with the average price this quarter at 794 baht per hundred fruits, down 60.3% year-on-year. Analysts at Yuanta Securities expect core profit in the third quarter of fiscal year 2025 to be in the range of 140 to 160 million baht, continuing to grow thanks to summer and heatwaves in several regions, as well as the start of revenue recognition from new US customers for pet food products. They forecast full-year core profit for fiscal year 2025 at 544 million baht, a 130.4% jump from the previous year, and maintain a buy recommendation with a year-end 2026 target price of 8.00 baht.

Thai Coconut Public Company Limited, or COCOCO, is moving forward with the second phase of its solar rooftop investment, with an installed capacity of 2,000.735 kilowatts peak, which began operation in 2024. This builds on the first phase installed in 2019 with a capacity of 979.20 kilowatts peak. The latest phase incorporates 605-watt Mono Half-Cell solar panels and a Rapid Shutdown system to enhance efficiency and safety in line with international standards. Currently, the company's entire solar rooftop system generates approximately 2.5 million units of electricity per year and helps reduce greenhouse gas emissions by about 1,660.32 tonnes of carbon dioxide equivalent annually. Dr. Worawat Chinpinkeo, Chief Executive Officer, stated that the clean energy investment is part of a long-term strategy to improve efficiency, reduce costs, and lessen environmental impact, forming the foundation for COCOCO's sustainable growth.