Consumer Staples

Kiatnakin Phatra Securities, or KKPS, maintains a Buy rating on Thai Union Group, or TU, with a target price of 16.00 baht versus the current price of 12.40 baht, assessing that third-quarter 2026 results remain strong on growing sales and high gross margins. The research team expects TU to post net profit of 1.27 billion baht in the third quarter of 2026, down 2.4% from the same period a year earlier but up 0.7% from the previous quarter, bringing nine-month accumulated profit to 77% of the full-year 2026 net profit estimate. Sales are expected to grow in line with the company's target of 4-6% this year, and the gross margin is forecast at 20.3%, in line with management's target of more than 20% and the full-year target range of 19.5-20.5%, supported by a better product mix, especially the pet food business. The expense-to-sales ratio is expected at about 14.9% on higher freight rates and one-time financial advisory fees, which are expected to decline in the fourth quarter of 2026. On cost risk, higher tuna prices still have a limited effect in the third quarter of 2026 because the company holds about two months of raw material inventory, and tuna costs are expected to gradually be reflected in the fourth quarter of 2026 before easing after the fishing gear ban period ends. The research team views TU's core business, excluding items related to other businesses, as trading at a 2027 P/E of less than 3 times, with an estimated dividend yield of about 6%.

Finansia Syrus Securities said in an analysis today that it expects Thai Union Group to post net profit of approximately 1.29 billion baht in the third quarter of 2026, up 2.5% from the previous quarter and flat compared with the same period last year. Earnings remain resilient despite pressure from rising expenses, supported by sales in the Ambient and Pet Food businesses, which continue to grow well. Meanwhile, if tuna prices decline in October, it would ease cost pressure and be a positive factor for margins in the next quarter. Finansia also maintained its forecast for TU's 2026 profit to grow 3.7% from last year, and shifted to a 2027 target price of 14.80 baht, seeing further upside from the merger and acquisition deal of i-Tail Corporation as well as the group's operational efficiency improvement plans. It therefore maintained its Buy recommendation.

Asia Plus Securities estimates that TU's net profit for the third quarter of 2026 will be 1.3 billion baht, and excluding foreign exchange losses, normal profit will be 1.4 billion baht, up 16% year-on-year and 3% quarter-on-quarter. The result is supported by sales that continue to grow in line with targets and margins that remain at a high level, which helps offset pressure from rising selling and administrative expenses. The research team expects sales this quarter of 36 billion baht, up 4.3% year-on-year and 6.4% quarter-on-quarter, driven by growth in branded products and OEM business in the Ambient group, especially in the US and French markets. The PetCare business is supported by global brand customers in the US, while the Frozen business is expected to decline slightly year-on-year on weaker demand for frozen products, as is the Feed business. Gross margin is expected at 20.3%, improving from 19.0% in the third quarter of 2025 but down from 21.4% in the second quarter of 2026, as tuna costs begin to rise. If third-quarter 2026 profit meets expectations, net profit and normal profit for the first nine months of 2026 will represent 79% and 77% of full-year profit. The research team maintains its Buy recommendation with a 2027 target price of 13.90 baht, based on a PER of 12 times.

Adecoagro S.A. has redeemed all of its outstanding 6.000% Senior Notes due 2027, totaling US$234,923,000 in principal, at 100% of face value plus US$6.17 in accrued interest per US$1,000 of notes, with interest ceasing to accrue after the October 28, 2026 payoff. The early redemption removes Adecoagro's nearest bond maturity and reflects an emphasis on tightening its balance sheet and refining its liability profile. The move simplifies the company's debt stack and may modestly reduce balance sheet risk, though it does not change the near-term catalysts around sugar and ethanol profitability or the risk of margin pressure from volatile prices and weather. The redemption comes alongside Adecoagro's stronger 2026 results, with first half sales of US$929.69 million and net income of US$58.35 million turning around prior losses, and investors can weigh that improving profitability against the company's higher coupon 7.500% notes due 2032 and its recurring US$35 million dividend. Adecoagro's narrative projects $2.3 billion in revenue and $188.5 million in earnings by 2029, requiring 16.9% yearly revenue growth and a $196.8 million earnings increase from -$8.3 million today, while some of the lowest analysts already bake in about US$2.3 billion of revenue and US$210.9 million of earnings by 2029 yet still see more risk in the company's leverage reduction and energy projects than the redemption alone might suggest.

Chalach Chinthammit, Chief Executive Officer and Managing Director of Khon Kaen Sugar Industry Public Company Limited, or KSL, said that world sugar prices, which have risen to around 18.94 cents per pound, a roughly 17-month high, will be a positive factor for next year's crushing season, since all sugar to be sold this year has already been forward-contracted. For the 2026/2027 crushing season, which runs from December 2026 through no later than April 2027, KSL expects sugarcane crush volumes to grow from the previous season's estimate of about 8.3 million tonnes, driven by larger sugarcane output reaching the market and water availability for cultivation that remains consistently favorable. The recent weakening of the baht, averaging around 33.64 baht per US dollar, is an additional positive factor, since about 70% of KSL's revenue comes from exporting sugar products overseas. For the 2026 fiscal year, the company expects full-year results to swing to a profit, compared with a loss of 660 million baht in 2025, because this year there is no provision for expenses related to projects in neighboring countries, and the first nine months of this year already showed a profit of about 358 million baht.

Costco Wholesale Corporation closed fiscal 2026 with total revenue of $276.4 billion, up 8.1% year over year, as the warehouse retailer reported net sales of $93.87 billion, up 11.2%, and net income of $2.998 billion in its September 24 earnings call. Membership remains the engine of the business, with 84.1 million paid members, including 42.3 million Executive tier members, a group that grew 9.4% and pushed that tier's share of the base to a new high, while renewal rates rose to 92.3% in the US and Canada and 89.8% worldwide. Membership fee income climbed 7.3% to $1.849 billion, and management plans 33 openings in fiscal 2027 as it works toward 30 net new warehouses a year, with digitally enabled sales topping $33 billion on growth above 20%. The quarter was not spotless, as reported gross margin slipped to 11.02% from 11.13% a year earlier and the LIFO charge jumped to $152 million from $43 million, tied to pricier memory in electronics and Middle East conflict costs for gas, motor oil, and resins, while tariff refunds added $0.15 per share and the $184 million received covers only about a third of the expected recovery. With the stock trading near historical valuation highs at a forward P/E of 40.32 and hedge fund ownership slipping to 104 funds from 107, the debate now centers on whether membership loyalty and the expansion plan can keep earnings growing into a premium that leaves little room for a stumble.

KAMART Public Company Limited, or KAMART, disclosed that its board of directors meeting approved a share buyback program for financial management purposes, with the maximum amount to be used for the buyback to be determined by management, but not exceeding 30 million shares, representing no more than 2.34 percent of total issued and paid-up shares. The buyback period is set from October 6, 2026 to April 5, 2027.

Onsemi announced a new agreement to acquire Synaptics for $123 a share in cash, revising the all-stock deal disclosed in June after an unsolicited competing proposal. Advanced Micro Devices said it would acquire World Labs, an AI model and research lab, in an all-stock transaction valued at nearly $8.2 billion. Hormel Foods agreed to acquire Brakebush Brothers, a value-added chicken provider, from the Brakebush family for approximately $1.055B, with the deal expected to close in the first quarter of fiscal 2027. Lynas Rare Earths agreed to acquire Australian peer Meteoric Resources in an all-stock deal valued at A$968M, or $672M. Mattel soared 19% after a report that the toymaker has recently received takeover interest from Authentic Brands, while Walgreens private-equity owner Sycamore is near a deal to sell the U.K. pharmacy chain Boots for close to $9 billion, including debt.

Major convenience store chains are stepping up their apparel offerings, including clothing and fashion accessories. Seven-Eleven Japan has teamed up with major apparel company Adastria to launch 28 Seven-exclusive items nationwide on September 25, including T-shirts, scrunchies, and seasonal scarves from Nico and and Lowrys Farm, both popular among young women. According to Seven-Eleven, about 40 percent of last fiscal year's customers were aged 50 or older, while those in their 20s or younger accounted for only about 17 percent. Junko Watanabe of the merchandise division stressed that acquiring younger customers is essential for continued long-term growth, and indicated a plan to double apparel sales by fiscal 2025. FamilyMart, which moved early to strengthen its clothing lineup, began nationwide sales in 2021 of its own brand Convenience Wear, developed with a famous designer. Its flagship store, which opened in Tokyo in July this year, carries about 300 items and includes fitting rooms, with a target of 30 billion yen in sales for fiscal 2026, 1.5 times the previous fiscal year. Lawson also expanded the range and floor space for Muji clothing from April, and on September 29 launched items including gloves in collaboration with the lifestyle brand Bruno. According to the Japan Franchise Association, customer traffic at existing convenience stores has fallen below the same month a year earlier for 14 consecutive months, and attention is focused on whether apparel can create destination-purchase demand and lift sales per store.

Betaini's self-developed injectable sodium hyaluronate solution BTN001 has officially received approval from the National Medical Products Administration, obtaining a Class III medical device registration certificate with registration number 20263131919. This is the group's first self-developed Class III medical device approved for market. Institutional research reports note that Betaini, leveraging its Winona sensitive-skin base and Acoman clinical channel, uses BTN001 to close the loop of pre-operative stabilization, intra-operative injection, and post-operative repair, strengthening its full-cycle medical aesthetic service capability. The new product is restricted to medical institutions, with high barriers and large pricing space, and is expected to open a second growth curve. In terms of shareholder returns, as of August 31, 2026, the company had cumulatively repurchased 3.6997 million shares, accounting for 0.8734% of total share capital, with a total transaction amount of approximately 120 million yuan. At the same time, it launched its first interim dividend, proposing a cash dividend of 1.50 yuan per 10 shares to all shareholders, with an estimated total payout of approximately 62.639 million yuan. Controlling shareholder Guo Zhenyu also pledged in April this year not to reduce his holdings within 12 months. In the first half of 2026, Betaini achieved operating revenue of 2.592 billion yuan, up 9.27% year-on-year, net profit attributable to the parent of 292 million yuan, up 18.30% year-on-year, and non-GAAP net profit attributable to the parent of 246 million yuan, a sharp increase of 34.85% year-on-year. Net cash flow from operating activities was 394 million yuan, up 13.53% year-on-year. Gross margin reached 74.62%, and the selling expense ratio fell 3.64 percentage points year-on-year to 50.53%. However, Betaini's share price has fallen about 15% cumulatively this year, hovering around 30 to 35 yuan from late June to late September. As of September 30, it closed at 32.70 yuan per share, with a latest total market value of approximately 13.8 billion yuan.

The board of Karmart, or KAMART, has approved a share buyback program for financial management of 30 million shares, representing 2.34% of paid-up shares. The shares will be purchased on the stock exchange between October 6, 2026 and April 5, 2027. Earlier, in mid-2025, the KAMART board approved a buyback of no more than 30 million shares within a period of no more than six months. Most recently, KAMART shares closed at 6.65 baht, compared with a book value of 2.74 baht per share, representing a P/BV of 2.43 times and a P/E of 12.96 times.

Boston Beer is pushing into faster-growing categories beyond traditional beer with two new launches, Sinless Vodka Cocktails and LYTT Electric Coolers. Sinless, a liquor-based cocktail with zero sugar, zero carbs and 100 calories per can, has launched in more than 30 states, while LYTT, a 15% ABV malt-based offering in six flavors sold in a resealable 6.8-ounce single-serve package, is available in more than five states. Management said wholesalers, retailers and drinkers have responded positively, but neither brand is expected to contribute meaningfully to 2026 volumes, though both should provide some shipment support in the back half of the year. Sinless has shown enough initial traction to support its rollout across roughly 30 states, with management waiting for more evidence before expanding further, while LYTT is described as a hand sell product needing specialized merchandising and cooler placement, with margins two to three times those of even higher-end beer. Boston Beer expects a more reliable read on both launches only by early 2027. Peers are pursuing similar innovation, with Anheuser-Busch InBev's Beyond Beer revenues up 44% in second-quarter 2026, Diageo Beer Company growing organically by around 4% in fiscal 2026, and Brown-Forman expanding its ready-to-drink portfolio.

Keurig Dr Pepper is counting on an expanding innovation pipeline to reignite its U.S. Coffee business after net sales slipped 3.2% in the second quarter, as an 8.2-percentage-point decline in volume mix more than offset pricing benefits. Pod shipments fell 11.6% on a reported basis and 8.3% excluding the Peet's reporting shift, though brewer shipments rose 2.1%, returning to growth on the back of marketing and commercial activity. Management said several growth initiatives are planned for the back half of 2026, supported by precision marketing and the "Great Coffee Without the Grind" campaign, and expects improving brewer penetration, normalization of pod inventory dynamics and innovation across the ecosystem to support category growth and market-share performance. The integration of JDE Peet's adds another avenue, with coordinated promotions, variety packs, new coffee formats and cold-coffee opportunities, and the upcoming Keurig Alta next-generation brewer will launch with both Keurig and Peet's Alta rounds. Elsewhere in the portfolio, La Colombe ready-to-drink coffee posted retail sales growth of more than 50% and gained over one percentage point of market share, while McCafé K-Cups delivered mid-single-digit retail sales growth; KDP still expects U.S. Coffee trends to improve significantly in the second half as innovation combines with easing cost pressures.

CJ CheilJedang and ADM have agreed to form a new joint venture to secure a reliable, long-term source of feed-grade amino acids critical to the livestock industry, strengthening U.S. production, global supply chain resilience and U.S. food security. The joint venture will develop, manufacture and market fermentation-derived amino acids by combining CJ's fermentation production facilities in Fort Dodge, Iowa, and Piracicaba, Brazil, ADM's Decatur, Illinois, feed-grade amino acid plant, and CJ's Mexico, Brazil and U.S. sales offices, along with a license to CJ's intellectual property related to feed-grade amino acids for use by the joint venture within North and South America. CJ and ADM will give the JV exclusive rights to manufacture and sell feed-grade amino acids in the Americas, and CJ will be the majority owner. CJ will retain ownership of its intellectual property and its global fermentation businesses outside the scope of the joint venture, while ADM's other Decatur operations and its other global fermentation assets are not included in the transaction. The launch date for the proposed joint venture is subject to customary closing activities as well as regulatory approvals.

Walmart, Target and Dollar General each booked tariff refunds as a second-quarter earnings tailwind, using the proceeds to fund price investments and customer-focused initiatives. Walmart received substantially all of its eligible tariff refunds, totaling approximately $2.9 billion, or about 0.5% of annual U.S. net sales, helping lift its second-quarter consolidated gross profit rate 96 basis points to 25.4% and contributing an approximately 750-basis-point benefit to operating income growth. Target recognized $994 million in International Emergency Economic Powers Act tariff refunds as a reduction in the cost of sales, a benefit of 3.7 percentage points to its gross margin of 33.7% and $1.65 to adjusted earnings per share, and it expects fiscal 2026 operating margin to include about 90 basis points of benefit from the second-quarter refunds. Dollar General said gross profit as a percentage of sales rose 127 basis points year over year to 32.6%, with tariff refunds contributing approximately 81 basis points after related reinvestments, while operating profit rose 29.2% to $769.2 million and adjusted earnings per share increased 33% to $2.48, including an estimated 25 cents from refunds. Dollar General received the majority of expected tariff refunds during the quarter and does not expect a material impact from refunds after reinvestments in the second half of fiscal 2026.

Karmart Public Company Limited, or KAMART, has informed the Stock Exchange of Thailand that its board of directors, at its 5/2026 meeting held on 2 October 2026, approved a share buyback programme for financial management purposes. The company will buy back no more than 30,000,000 shares, or approximately 2.34% of its total issued shares, through the Stock Exchange of Thailand. The programme will run from 6 October 2026 to 5 April 2027. On pricing, the company stated that the buyback price will not exceed 115% of the average closing price over the five trading days preceding the transaction date. The average closing price over the 30 trading days before the disclosure was 6.86 baht per share. KAMART said the buyback is intended to keep the market moving in a reasonable direction and to improve liquidity management efficiency. Following the buyback, the company expects its return on equity and earnings per share to increase.

Ingredion Incorporated's Texture & Healthful Solutions segment extended its growth streak, with net sales rising 5% year over year to $627 million and net sales volumes up 7% in the second quarter of 2026, marking the ninth consecutive quarter of volume growth. Segment operating income increased 5% to $117 million, the second-highest quarterly operating income in T&HS history, while operating margin improved to 18.7% from 18.5% a year ago. The company said the volume strength was not driven by customer restocking or demand pulled forward ahead of pricing actions, and that solutions continued to grow faster than the rest of the business. For 2026, Ingredion expects T&HS net sales to rise in the mid-single digits and operating income to increase in the mid-to-high single digits, though higher tapioca costs and an unfavorable price mix could limit margin improvement. Separately, International Flavors & Fragrances reported Taste sales growth of 4% to $688 million and Health & Biosciences growth of 5% to $601 million in the second quarter of 2026, with EBITDA up 6% in both segments, while Archer-Daniels-Midland reported Nutrition operating profit of $172 million, up 51%, and Human Nutrition operating profit up 51% to $139 million.

Several Wall Street firms raised their price targets on Oddity Tech into the US$16 to US$18 range following the company's recent Q2 results and updated guidance. Morgan Stanley, Jefferies and Truist lifted targets into the mid to high teens, while Truist, Jefferies and JPMorgan pointed to the scale of Oddity Tech's data driven platform and the contribution from Spoiled Child and MethodIQ as key supports for the equity story. Goldman Sachs and Jefferies noted that Q2 earnings and sales came in ahead of expectations, with management guiding to improved sales trends into Q3. Goldman Sachs and BofA kept cautious views in place with Sell and Underperform ratings, and Morgan Stanley, Truist, Jefferies and JPMorgan all flagged uncertainty around the timing and strength of any IL Makiage recovery. The estimated fair value per share moved from about US$11.07 to US$15.31, with the revenue growth assumption rising from about 2.78% to roughly 7.74% and the net profit margin assumption moving from around 2.22% to about 5.39%.

Malee Group Public Company Limited, or MALEE, announced it is preparing to sell its investment in Long Quan Safe Food Company Limited, or LQSF, a business in Vietnam in which it holds a 65% stake. The sale value is expected to be about 40 million baht, with the transaction expected to be completed by December 2026. MALEE has invested in the Vietnam business since 2018. LQSF operates an OEM beverage manufacturing business with a large factory with production capacity of about 330 million liters per year, close to the combined capacity of the company's factories in Thailand, namely the Sam Phran plant at 205 million liters and the Pak Chong plant at 121 million liters per year. Krungsri Securities Public Company Limited views the divestment as neutral to slightly positive for MALEE, as over the long term it will help reduce the burden of losses from the Vietnam business. MALEE has recognized losses based on its 65% shareholding of roughly 10 to 30 million baht per year, or about 6% to 15% of profit, and is expected to begin seeing a positive effect on earnings from 2027. For the short-term impact, Krungsri expects MALEE may record a one-time loss from the divestment of about 10 to 20 million baht, which is expected to be booked in the third quarter of fiscal 2026 and is not yet included in current earnings forecasts. Krungsri also maintained its Neutral recommendation with a 2026 target price of 4.30 baht per share, based on a price-to-book value of 0.9 times, and kept its forecast for normal profit in 2026 at 74 million baht, down 75% year on year, while net profit is expected to fall 63% year on year.

Tisco Securities has upgraded Thai Foods Group, or TFG, to "BUY" with a rolled-over 2027 target price of 12.70 baht, based on a PER of 9 times, or the sector average plus 0.5 standard deviations, up from 7.4 times previously. It also raised its 2026-2027 profit forecasts by 3% and 8% respectively, citing a retail business growing faster than expected and recovering pork and chicken prices, and said it believes earnings passed their bottom in the second quarter of 2026. ASL Securities, meanwhile, gave a "BUY" rating with a 2027 forecast target price of 12.50 baht, noting that the shift to market-driven retail is an important new S-curve. TFG's total revenue rose from about 34 billion baht in 2021 to 72 billion baht in 2025, an average growth rate of roughly 16% a year, and in 2026 the company aims to open another 260 branches, bringing the total to 875 branches by year-end, after opening 133 branches in the first half, or 51% of the full-year target. ASL estimates 2026 net profit at about 7 billion baht, down 5.5% from the previous year, while total revenue still grows to roughly 76 billion baht, up 5.5%, and it estimates ROE at about 33% and dividend yield at 6.6%, compared with sector averages of 16.14% and 4.4% respectively.

T.A.C. Consumer Public Company Limited, or TACC, has launched a new business in the health beverage segment through the establishment of a joint-venture subsidiary named TACC Plus Company Limited, in which TACC holds 80% and partners hold 20%, with an investment value of 48 million baht. The first product is Eight Plus, a 100% natural alkaline water sourced from natural mineral springs within Thailand. Sales will begin in October 2026 through 7-Eleven convenience stores, premium modern trade department stores, five-star hotels, and online channels. Revenue recognition will start immediately in the fourth quarter of 2026, and TACC Plus targets sales exceeding 1 billion baht within 5 years. For its 2026 results, TACC maintains a revenue growth target of 10% and forecasts revenue growth of 10-15% in 2027. It also aims to raise the B2C revenue proportion from less than 5% currently to 30% within the next 3-5 years.

Clorox is leaning on portfolio expansion, innovation and a completed digital transformation to rebuild market share as it navigates a challenging consumer environment. The company has finished its five-year digital transformation program, including the rollout of its U.S. enterprise resource planning system, and is now shifting from implementation to optimization, with productivity benefits expected to begin in the latter part of fiscal 2027 and build into fiscal 2028. The acquisition of GOJO Industries has broadened Clorox's health and hygiene presence, a portfolio that now accounts for more than half of net sales on a combined basis, and GOJO is expected to contribute significantly to fiscal 2027 sales growth. Clorox has increased innovation spending and plans further investment in health and wellness, pet care, convenience and value, pairing product innovation with packaging improvements, targeted promotions and optimized price-pack architecture. Shares of Clorox have lost 19.4% in the past six months against the industry's growth of 3.9%, and the stock trades at a forward price-to-earnings ratio of 13.62X versus the industry's average of 18.11X. The Zacks Consensus Estimate for Clorox's fiscal 2027 and fiscal 2028 earnings implies year-over-year growth of 6% and 8.9%, respectively, and the stock currently carries a Zacks Rank #3 (Hold).

Coca-Cola is positioned to extend its streak of beating earnings estimates when it reports on October 27, 2026, according to Zacks Investment Research. The beverage maker has topped the Zacks Consensus Estimate in each of its last two quarters, delivering an average surprise of 5.80%. In the most recent report, Coca-Cola posted earnings of $0.97 per share versus the consensus estimate of $0.92, a surprise of 5.43%, after beating the prior quarter's $0.81 estimate with earnings of $0.86 per share, a surprise of 6.17%. The stock currently carries a Zacks Earnings ESP of +0.57% and a Zacks Rank #2 (Buy), a combination Zacks research shows produces a positive surprise nearly 70% of the time.

Costco Wholesale Corporation's ancillary businesses delivered strong results in the fourth quarter of fiscal 2026, with gross margin for ancillary and other businesses rising 23 basis points year over year and 32 basis points excluding gasoline inflation, while comparable sales in ancillary operations surged in the high 20s percentage range on strength in gasoline, pharmacy and travel. Costco's gasoline business reached record volumes in fiscal 2026 as U.S. member household penetration hit an all-time high, saving members an estimated $3.2 billion at the pump versus regional market averages, and the company expanded 26 high-volume U.S. gas stations to support throughput. The pharmacy department posted nearly 20% sales growth, aided by digital options such as Rx Mobile Pay Ahead and Pickup Lockers plus specialized GLP-1 and fertility programs, yielding double-digit script growth that helped offset Medicare Maximum Fair Price adjustments, and Costco announced a partnership with SCAN Health Systems to develop Medicare Advantage benefits. Costco Travel achieved double-digit growth across vacation packages, cruises and car rentals, with cruise bookings up 16% and more than 750,000 members sent on cruises during the fiscal year. The Zacks Consensus Estimate for Costco's current fiscal-year sales and earnings per share implies year-over-year growth of 8.3% and 11.8%, respectively, and over the past seven days the current fiscal-year earnings estimate rose 36 cents to $22.87 per share while the next fiscal-year estimate rose 44 cents to $24.94 per share.

GFPT has confirmed that its chicken slaughterhouse and processing plants in Samut Prakan province are still operating normally, even though flooding has caused slight delays in transporting goods to ports and affected some employees whose homes were inundated. Weera Thityangkuruwong, manager of the investor relations department, said demand in the main export markets of Japan, the United Kingdom, Europe, Malaysia and China remains steady and in line with the company's plans. For the third-quarter 2026 outlook, the company sees growth compared with the very high base of the third quarter of 2025 as potentially difficult, but growth versus the second quarter of 2026 is still possible. As for the fourth quarter of 2026, which is the high season, the situation will need to be reassessed because flooding could dampen tourism and domestic consumption, leaving overall 2026 earnings likely to be flat. Meanwhile, the new chicken slaughterhouse and cutting plant in Chonburi province, which sits upstream in the processing chain and supports a production capacity of about 150,000 birds per day, is preparing for a test run in early 2027, or the first quarter of 2027, and is expected to begin commercial operations around the second quarter of 2027, before the company moves ahead with building a cooked-food processing plant with a capacity of about 30,000 tons per year. GFPT currently has slaughterhouse capacity of about 150,000 birds per day but slaughters only about 100,000 birds per day, while its joint venture GFN slaughters about 100,000 birds per day, giving the group total chicken slaughter of roughly 200,000 to 260,000 birds per day. On the weaker baht, the company views it as a slight net positive, because export revenue received in US dollars exceeds the value of imports of animal feed raw materials, which are also priced in US dollars.