Beverages

Diageo brand Johnnie Walker has introduced a limited edition Blue Label Indian Festive Blend inspired by India's festivals and cuisine. The release features packaging and design created with Indian couturier Rahul Mishra, highlighting contemporary Indian visual themes, and the blend is tailored specifically for the Indian market, reflecting local flavor influences and cultural traditions. The launch fits Diageo's broader push to localise brands in key consumption markets like India, part of a premiumization strategy aimed at earning more from affluent drinkers rather than chasing volume, and it puts the £36.4b beverage group up against competitors including Pernod Ricard and Campari. The move does not address a key gap analysts have flagged: Diageo still needs broader product development in low and no-alcohol options as moderation trends build.

Constellation Brands reported past second-quarter results with higher sales of US$2,816.7 million, revenue of US$2,633 million, and net income of US$565.8 million versus the prior year, while affirming a quarterly dividend of US$1.03 per share. Alongside the earnings beat, the company agreed to acquire spirit-based ready-to-drink brand SpikedAde, extending its push into convenience-focused flavored alcohol formats and newer drinking occasions. The company also reaffirmed its fiscal 2027 comparable EPS outlook of US$11.20 to US$11.90, a figure that stands out among recent news and reinforces the role of cost savings, Pacifico's rise into the top 10 beer brands, and occasion-based innovation in the investment case. Management nonetheless acknowledged weaker depletions in some core beers and ongoing margin pressure in Wine & Spirits, with tariff-driven cost inflation and a stretched core beer consumer remaining key risks. Constellation Brands' narrative projects US$9.5 billion in revenue and US$2.1 billion in earnings by 2029, requiring 1.6% yearly revenue growth and a US$0.3 billion earnings increase from US$1.8 billion today, while some cautious analysts assume revenue shrinking about 1.1 percent a year to around US$8.8 billion.

Molson Coors Beverage Company is expanding its presence in the ready-to-drink spirits category through its acquisition of Atomic Brands, which brought Monaco Cocktails into its portfolio as part of the Horizon 2030 strategy. Monaco's first full quarter under Molson Coors ownership delivered sales and profit contributions tracking slightly ahead of initial acquisition expectations. The brand's sales are currently concentrated in just five U.S. states, primarily through convenience stores, and Molson Coors plans to strengthen that existing presence before expanding distribution across additional retail channels and states. Both Monaco and Fever-Tree are on track to individually contribute 1% to 2% of Molson Coors' net sales revenues. Shares of the Zacks Rank #3 (Hold) company have declined 15.8% in the past six months, underperforming the Zacks Beverages - Soft Drinks industry's loss of 3% and the broader Consumer Staples sector's fall of 0.6%, and the stock trades at a forward 12-month price-to-earnings multiple of 7.68X versus the industry's average of 14.18X.

Bualuang Securities said the impact of flooding on CBG is only a short-term disruption and does not change the core growth picture. The key driver remains the increase in domestic energy drink market share, with CBG targeting 10% YoY sales growth in 2027, compared with the market's expected growth of only about 3% and the broker's estimate of 7%. Market share is expected to rise from 27% at the end of 2025 to 30% at the end of 2026 and 32% at the end of 2027, while the main selling price of 10 baht remains a competitive strength. The 2027 profit base will be more diversified, coming from Myanmar, the distribution business, and OEM. Production capacity in Myanmar is set to increase from about 400,000 cases per month in the first half of 2026 to 800,000 cases per month in the second half of 2026, while the distribution business, which accounts for about 45% of sales, is still growing more than 20% YoY. LOVEZA aims to raise output from 40 million cans in 2026 to 100 million cans in 2027, which is expected to lift OEM revenue from 250 million baht to 540 million baht. The Bang Pakong plant was not directly affected by the flooding, so the main risks lie in transportation and the deferral of revenue recognition between the third and fourth quarters of 2026. The broker has revised its assumption for domestic energy drink sales in the third quarter of 2026 down to 5% YoY growth from 10% previously, and expects profit of 710 million baht, up 15% YoY but down 3% QoQ, below its previous estimate of 750 million baht and below the market. It estimates the flooding impact on 2026 profit at about 5%, but still expects core profit in 2027 to grow 15% YoY. It maintains its Buy recommendation but has cut its target price to 63 baht.

Wuliangye announced that as of September 30, 2026, the company had repurchased a cumulative 16.1278 million shares, accounting for 0.4155 percent of total share capital, with a total payment of approximately 1.201 billion yuan. The highest transaction price in this buyback was 85.25 yuan per share, and the lowest was 70.28 yuan per share. The company previously disclosed plans to repurchase shares with 8 billion to 10 billion yuan, and the amount paid so far accounts for about 15 percent of the lower limit of that buyback plan.

Coca-Cola reported fiscal Q2 2026 results in which unit case volume grew 5%, price/mix added 2%, and comparable operating margin reached 35.6%, up from 34.7% a year earlier. Comparable gross margin rose to 63.4% from 62.2%, and comparable EPS rose 11% to $0.97, while reported EPS grew 16% to $1.03. Trademark Coca-Cola grew 5% and Coca-Cola Zero Sugar grew 16%, with the company saying its FIFA World Cup campaign across more than 180 markets contributed to part of the growth in Trademark Coca-Cola and Powerade. Management raised its full-year outlook to about 5% organic revenue growth and 9% to 10% comparable EPS growth, guidance that includes roughly 3 points of currency help and a small drag from divestitures, with free cash flow projected at about $12.4 billion. Regionally, North America price/mix of 4% outran 3% volume growth, while Asia Pacific unit case volume grew 8% but price/mix fell 9% on unfavorable mix and affordability initiatives, and the company lost value share in the region as gains in Japan and China were outweighed by a loss in India. The stock trades at a forward P/E of 25.99 against a five-year average of 23.81 and a sector multiple of 14.51, with a dividend yield of 2.47% and a payout ratio of 64.40%.

Constellation Brands reported second-quarter earnings of $3.74 per share on revenues of $2.63 billion, beating the Zacks Consensus Estimate of $3.62 per share and $2.57 billion in revenue, and reaffirmed fiscal 2027 comparable earnings guidance of $11.20-$11.90 per share. On the earnings call, President and CEO Nicholas Fink said September's improving beer demand trends, helped by college football programming and stronger consumer engagement, could push results toward the high end of that range, while CFO Garth Hankinson said second-quarter performance exceeded internal expectations even after accounting for distributor inventory rebuilding. Beer shipments rose 5.5% while depletions fell 0.6% in the quarter, and management said distributor inventories have recovered but remain below historical averages, with full-year shipments and depletions expected to track within 99% of each other. Pacifico grew approximately 20% year to date and entered the 10 largest U.S. beer brands, Victoria posted first-half growth in the mid-teens, and Modelo Especial and Corona Extra saw depletion declines of approximately 2% and 5%, respectively. Beer operating margin fell 160 basis points to 39%, and Hankinson projected second-half beer operating margins of 34.5%-35.5%, with the Veracruz brewery set to enter service early in fiscal 2028, bringing roughly $75 million in annualized depreciation and a 90-basis-point margin headwind. The company has repurchased $530 million in shares year to date, with approximately $2.5 billion remaining under an authorization extending through fiscal 2028, and its SpikedAde acquisition involved $75 million upfront plus potential contingent payments totaling $278 million.

PepsiCo and Helen of Troy both beat earnings expectations as the Q3 reporting season got underway. PepsiCo reported earnings of $2.34 per share on revenues of $25.27 billion, beating estimates by +2.18% and +1.59%, respectively; shares rose +1% on the news but remain down more than -12% year to date. Helen of Troy, the maker of OXO home products and Hydro Flasks, posted a fiscal Q2 profit of $0.79 per share against expectations of $0.51, a +54.9% positive surprise, though revenues slipped -0.12% from estimates to $440.93 million; strong guidance for the current quarter and full year sent shares up +20% in pre-market trading. Broader markets were lower, with the Dow down -399 points, the Nasdaq down -242 and the S&P 500 down -33, while renewed attacks on Saudi energy infrastructure by Iran-backed Houthis pushed WTI crude up +4.7% to $92 per barrel and Brent to $104 per barrel. Initial Jobless Claims came in at +197K, the fourth-straight week below +200K and the lowest level post-Covid, while Continuing Claims rose slightly to +1.716 million.

PepsiCo and Helen of Troy both beat earnings expectations in reports released ahead of Thursday's open, while weekly jobless claims held at historic lows. PepsiCo reported Q3 earnings of $2.34 per share on revenues of $25.27 billion, beating estimates by +2.18% and +1.59% respectively, with shares up +1% though still down more than -12% year to date. Helen of Troy, maker of OXO home products and Hydro Flasks, posted a fiscal Q2 beat of $0.79 per share versus expectations for $0.51, a +54.9% positive surprise, with revenues down -0.12% from estimates to $440.93 million; strong guidance for the present quarter and full year sent shares up +20% in pre-market trading. Initial Jobless Claims came in at +197K, 2K lower than the prior week and the fourth-straight week under +200K, marking the lowest level post-Covid, while Continuing Claims rose slightly to +1.716 million from a downwardly revised 1.699 million. Pre-market futures were in the red, with the Dow at -399 points, the Nasdaq at -242 and the S&P 500 at -33 points, as renewed attacks on Saudi energy infrastructure by Iran-backed Houthis pushed spot oil up +4.7% to $92 per barrel on WTI and $104 per barrel for Brent crude.

PepsiCo reported third-quarter 2026 core earnings per share of $2.34, beating the Zacks Consensus Estimate of $2.29 and rising 2% year over year, while net revenues climbed 5.6% to $25.27 billion, topping the $24.88 billion consensus. Organic revenues grew 3.1%, the company's strongest since the fourth quarter of 2023, as international organic revenues advanced 8% for a 22nd consecutive quarter of at least mid-single-digit growth. Reported operating profit rose 19% to $4.26 billion and core operating profit rose 3% to $4.28 billion, helped by $178 million in tariff refunds. PepsiCo updated its 2026 outlook, now expecting organic revenue growth of 3% and reported net revenue growth of 6%, while lowering core constant-currency earnings growth to 1-2% and core earnings growth to 2.5-3.5%, and maintained its shareholder cash-return target of $8.9 billion.

PepsiCo reported third-quarter revenue of $25.27 billion, up 5.6% from a year earlier and 1.59% above the Zacks Consensus Estimate of $24.88 billion, while EPS came in at $2.34 versus the $2.29 consensus for a 2.18% surprise. Within the company's reported segments, PepsiCo Beverages North America posted $7.71 billion in net revenue against a four-analyst average estimate of $7.65 billion, PepsiCo Foods North America came in at $6.5 billion versus $6.44 billion expected, EMEA revenue was $5.41 billion against $5.32 billion estimated, LatAm Foods revenue reached $3.02 billion versus $2.9 billion expected, Asia Pacific Foods revenue was $1.23 billion compared to the $1.2 billion average estimate, and the International Beverages Franchise brought in $1.4 billion versus $1.42 billion estimated. On a non-GAAP basis, core operating profit for PepsiCo Foods North America was $1.38 billion against a $1.42 billion estimate, PepsiCo Beverages North America posted $1.01 billion versus $1.11 billion expected, the International Beverages Franchise recorded $564 million against $565.29 million estimated, corporate unallocated was negative $426 million versus negative $411.96 million estimated, LatAm Foods earned $626 million against $579.89 million expected, and Asia Pacific Foods delivered $179 million versus $171.84 million estimated. Shares of PepsiCo have returned negative 9.5% over the past month compared with a positive 1.2% change for the Zacks S&P 500 composite, and the stock currently carries a Zacks Rank #4 (Sell).

PepsiCo shares climbed more than 1% in premarket trading Thursday after the snacks and beverage maker reported third-quarter earnings and revenue that topped Wall Street estimates, though it lowered its full-year profit outlook. Core earnings per share came in at $2.34, ahead of the $2.30 analysts expected, while net revenue rose 5.6% to $25.27 billion, above the $24.97 billion consensus, and organic revenue growth accelerated to 3.1%. Core operating profit rose 3% to $4.28 billion, but core operating margin narrowed 35 basis points to 16.9%, with PepsiCo saying a 4-percentage-point benefit from tariff refunds helped core operating profit, offset in part by higher operating costs and increased advertising and marketing spending. The company now expects core constant-currency EPS growth of 1% to 2% for the year, down from prior guidance of the low end of a 4% to 6% range, and core EPS growth of 2.5% to 3.5%, down from the low end of 5% to 7%. PepsiCo narrowed its organic revenue growth forecast to about 3% from a range of 2% to 4%, raised its net revenue growth forecast to about 6% from 4% to 6%, and left planned shareholder returns unchanged at $8.9 billion. Chairman and Chief Executive Ramon Laguarta said the company is acting with urgency to sustainably improve its performance in North America through more investment in innovation, brand building and sharper execution by sales channel, and is identifying additional structural cost cuts to fund growth investments and offset rising input costs.

PepsiCo reported better-than-expected third-quarter revenue despite lackluster North American demand. Net revenue rose 5.6% to $25.27 billion in the July-September period, topping the $24.95 billion Wall Street expected according to analysts polled by FactSet. The Purchase, New York-based company said global snack food volumes increased 4%, the highest rate of growth since 2021, largely driven by its international business, which makes up 41% of company revenue, with strong World Cup-related demand for Lay's snacks and share gains in key markets like China and Brazil. North American results were weaker, with Frito-Lay snack food volumes flat versus the same period last year and beverage volumes down 2%, as growth in U.S. salty snacks was offset by sales declines in Canada. Net income rose 2% to $2.34, also beating analyst expectations of $2.29.

PepsiCo reported better-than-expected third-quarter 2026 revenue of $25.27 billion, up 5.6% year on year and 1.3% above analyst estimates of $24.96 billion. Adjusted earnings per share came in at $2.34, a 1.9% beat versus the $2.30 consensus. Operating margin expanded to 16.9% from 14.9% a year earlier, while free cash flow margin rose to 18.5% from 15%. Organic revenue grew 3.1% year on year, and sales volumes were flat after declining 3% in the same quarter last year. The stock was unchanged at $124.74 following the results.

PepsiCo reported third-quarter earnings of $2.34 per share, beating the Zacks Consensus Estimate of $2.29 per share and topping year-ago earnings of $2.29 per share on an adjusted basis. The result marked a positive earnings surprise of 2.18%, and the company has now surpassed consensus EPS estimates in each of the last four quarters. Revenue for the quarter ended September 2026 came in at $25.27 billion, surpassing the Zacks Consensus Estimate by 1.59% and up from $23.94 billion a year earlier, with PepsiCo also topping consensus revenue estimates four times over the last four quarters. Ahead of the release, the estimate revisions trend was unfavorable, translating into a Zacks Rank #4 (Sell), and PepsiCo shares have lost about 13.8% since the beginning of the year versus the S&P 500's gain of 14%. The current consensus EPS estimate is $2.43 on $30.33 billion in revenues for the coming quarter and $8.56 on $98.86 billion in revenues for the current fiscal year. Monster Beverage, another stock in the same Beverages - Soft drinks industry, has yet to report results for the quarter ended September 2026 and is expected to post quarterly earnings of $0.29 per share on revenues of $2.48 billion, up 12.9% from the year-ago quarter.

PepsiCo Inc. reported third-quarter net income of $3.05 billion, or $2.23 per share, with adjusted earnings of $2.34 per share beating the $2.29 average estimate of seven analysts surveyed by Zacks Investment Research. The Purchase, New York-based food and beverage company posted revenue of $25.27 billion for the period, also topping Street forecasts, as six analysts surveyed by Zacks had expected $24.88 billion.

Constellation Brands reported second quarter fiscal 2027 revenues of $2.63 billion, surpassing the Zacks Consensus Estimate by 2.46%, sending its shares up 2.4%. Penguin Solutions reported fourth quarter 2026 revenues of $566.69 million, beating the Zacks Consensus Estimate by 10.57%, and its shares surged 13.1%. Space Exploration Technologies Corp. shares fell 2.5% after Bloomberg reported the company is seeking to raise $40 billion in new debt to purchase Nvidia chips for its data centers. Moderna shares rose 4.8% as health emerged as one of the biggest-gaining sectors in the session.

Yuanta Securities issued an analysis stating that Osotspa Public Company Limited, or OSP, is likely to report normalized profit in the third quarter of 2026 in the range of 750 to 850 million baht, down from the previous quarter on a seasonal basis but still growing year on year. Revenue may decline due to seasonal factors and pressure on its overseas business, particularly Myanmar, which has been affected by import license restrictions and the translation of financial statements under the new accounting standard TAS21. However, the domestic business is expected to grow around 5 to 7 percent year on year, led by the energy drink, health drink, and personal care segments, driven by new product launches. Revenue from Laos and Indonesia also continues to grow on the back of expanded distribution channels and new products. Gross margin is expected at 39.5 to 40.5 percent, down from the previous quarter but still slightly higher year on year. For the fourth quarter of 2026, normalized profit is expected to return to growth both quarter on quarter and year on year, supported by the passing of the low season, the import license situation in Myanmar returning closer to normal, and the possibility of lower packaging costs. Yuanta maintained its normalized profit forecasts for 2026 and 2027 at 3.861 billion baht, up 10.3 percent year on year, and 4.12 billion baht, up 6.7 percent, respectively. It also maintained its Buy recommendation with a fair value of 21.80 baht, implying a 2026 to 2027 price-to-earnings ratio of 12.7 times and 11.9 times, and expects dividend yields of 6 to 7 percent per year.

Yuanta Securities said T.A.C. Consumer Public Company Limited, or TACC, is likely to post normalised profit in the second half of 2026 that still grows year on year, even though it softens from the first half on seasonal factors. Profit is expected at 95-110 million baht per quarter, supported by an acceleration of new product launches, both seasonal and permanent items, as well as branch expansion by key partners 7-Eleven and Kamphaeng Thai Coffee. The gross profit margin is expected to hold at no less than 30.0%, though it is likely to decline both from the first half and from a year earlier, due to packaging costs rising for a full quarter from the third quarter of 2026 onward. The company plans to launch new products in the natural alkaline water segment under its own brand, unlike competitors that produce alkaline water through a water-conditioning process. Revenue is expected to start being recognised from late in the fourth quarter of 2026 and is not yet included in analysts' forecasts, making it upside to profit estimates. Yuanta maintained its normalised profit forecasts for 2026-2027 at 369 million baht, up 16.2% from a year earlier, and 409 million baht, up 10.9% from a year earlier, respectively, both still record highs. It also maintained its Buy recommendation, based on a fair value at the end of 2027 of 8.10 baht.

Constellation Brands reported third-quarter revenue of $2.63 billion, beating analyst estimates of $2.53 billion with 6.1% year-on-year growth, while adjusted EPS came in at $3.74 against estimates of $3.55. The company reconfirmed its full-year revenue guidance of $9 billion at the midpoint and reiterated full-year adjusted EPS guidance of $11.55 at the midpoint. Operating margin fell to 30.6% from 35.2% a year earlier, and market capitalization stands at $20.22 billion. On the earnings call, CEO Nicholas Fink said the beer business outperformed and accelerated meaningfully quarter-on-quarter, crediting marketing investments and brands like Pacifico and Modelo, and noted distributor inventory levels are now more balanced. CFO Garth Hankinson pointed to seasonality effects and ongoing cost controls as supporting improved gross margins in the second half, while Fink said RTD acquisitions such as SpikedAde are approached cautiously to ensure sustainability and fit with distribution strengths.

Yuanta Securities issued an analysis stating that Carabao Group Public Company Limited, or CBG, is likely to return to year-on-year profit growth from the third quarter of 2569 onward. The research team expects preliminary normal profit in the third quarter of 2569 in the range of 700 to 740 million baht, flat to slightly lower quarter-on-quarter, because it is the low season for the business in Myanmar, and gross margin is pressured in the short term by energy and packaging prices, both aluminium coil and plastic, which have risen from the impact of war in the Middle East. But normal profit still grows year-on-year from a low base last year that was hit by the Thai-Cambodian conflict. For 2569, the research team expects normal profit of 2.712 billion baht, down 4.4% year-on-year, and expects that in 2570 normal profit will return to its highest level in six years since 2564 at 3.124 billion baht, up 15.2% year-on-year, driven by revenue expected to grow to 26.726 billion baht, or 13.9% year-on-year. This is supported by the distribution service business, expected to grow 20.0% on the expansion of channels for hom mali rice liquor, the company's branded goods business, expected to grow 8.7% while holding the price of Carabao Dang at 10 baht and launching new products in the 12 baht group to tap the premium market, and the contract manufacturing business, expected to grow 20.0% from full-year recognition of Loveza revenue. Gross margin may slip slightly to 25.3% from 25.7% in 2569 because of the higher share of revenue from the distribution service business, which has a lower margin. The research team maintains a buy recommendation, selecting it as a top pick stock in the beverage group for the fourth quarter of 2569, and gives a fair value at the end of 2570 of 81.00 baht, based on a PER of 25.5 times, equivalent to -0.5 SD of the five-year historical PE band, while the current share price trades at a PER for 2569 and 2570 of 19.6 times and 17.0 times respectively, or -1.0 SD of the five-year historical PE band. The company's factory and distribution centre are located in Chachoengsao province, which is currently flooded, but the company states that production capacity has not been affected, only that transport may be delayed, and if the flooding drags on until mid-October 2569 it could cause normal profit in the fourth quarter of 2569 not to grow quarter-on-quarter, a downside risk to the 2569 forecast of about 2.0%. The share price has already fallen about 10.3% from before the floods, hitting a low of 50.00 baht, which is seen as having already reflected these negative factors.

Coca-Cola reported second-quarter net revenue growth of 7% to $13.4 billion, with organic revenue up 6% and global unit case volume up 5%, and management raised its full-year outlook. Reported EPS climbed 16% to $1.03, comparable EPS rose 11% to $0.97, and comparable operating margin improved to 35.6% from 34.7% a year earlier. The beverage-maker now expects organic revenue to grow about 5% in 2026, with comparable EPS growth of 9% to 10% and roughly $12.4 billion in free cash flow. Coca-Cola generated $6.9 billion in free cash flow during the first half of 2026, supporting a forward dividend of about $2.12 per share and a yield of roughly 2.5%. The stock trades at about 26.6 times trailing earnings and 25.3 times forward earnings, a premium the company must justify with continued high-single-digit earnings growth.

Yuanta Securities maintains an Overweight rating on the beverage sector and has chosen CBG as its Top pick for the sector with a target price of 81.00 baht. It expects the sector's normalized profit in the third quarter of 2026 to decline from the previous quarter because it is the low season, but to grow year on year at a higher rate than in the second quarter of 2026, helped by a low base last year that was hit by the Thailand-Cambodia conflict and by US customers delaying orders while waiting for clarity on import tariffs, together with a recovery in consumer purchasing power from the Thai Help Thai Plus program, new product launches and distribution channel expansion, and efficient cost management. Yuanta expects the sector's normalized profit to return to growth both from the previous quarter and year on year in the fourth quarter of 2026, and expects sector profit in 2027 to continue growing to 10.413 billion baht, or an increase of 10.6% year on year, driven by hotter-than-normal weather from the influence of El Niño in the first half of 2027, and if a Super El Niño occurs it would be an upside to its estimates. As for flood risk, in a worst case it expects only a slight downside risk to its 2026 sector profit estimates of around 1-2%, and it would be a short-term effect, because the factories and production capacity of most companies have not been damaged. As for sugar prices, which have a chance of rising in 2027, it expects they can still be managed through product mix adjustments and promotional activities, while packaging costs tend to decline from last year's high base. For secondary picks, Yuanta chose RBF with a target price of 6.80 baht and ICHI with a target price of 16.90 baht for long-term dividend investment.

Coca-Cola reported strong quarterly revenue and volume gains and raised its full-year outlook, as it focuses on zero sugar and prebiotic drinks while appointing Rob Gehring to lead its North America unit. The update comes with the share price at US$85.82, a year to date share price return of 24.16% and a 1 year total shareholder return of 33.24%. The most followed narrative values Coca-Cola at a fair value of $94.65 against that $85.82 close, implying the stock is 9% undervalued, though the company trades at 25.8x earnings, above the global beverage group on 16.6x and above its own fair ratio of 23.4x. The bull case rests on Coca-Cola converting its global scale, AI-enabled digital tools and portfolio of billion-dollar brands into sustained volume and price/mix balance, while managing pressures such as GLP-1 weight-loss drug adoption, divestiture headwinds and affordability investments in markets like India and China.

Royal Plus Public Company Limited, or PLUS, plans to expand into three new overseas markets in the second half of 2026: Poland, the Cayman Islands and Ghana. This will broaden its customer base to more than 123 countries worldwide, building on the second quarter when flagship products Nita, Mabu Coco and Coco Royal won strong reception in Spain, Turkey, Oman and the Maldives. Managing Director Palasaeng Saebe told Than Hoon that the company remains confident its operating results in the third and fourth quarters of 2026 will continue to improve, driven by the weaker baht, which clearly benefits export revenue. The company will take part in SIAL PARIS, the global food and beverage trade show in France, from 17 to 21 October 2026, to further penetrate the European market. The executive said flooding in coconut-growing areas of Amphawa district in Samut Songkhram province has not affected the production plant in Phraek Nam Daeng subdistrict or the office on Rama II Road, as the company sources coconuts from many areas including Samut Songkhram, Samut Sakhon, Ratchaburi, Phetchaburi, Prachuap Khiri Khan, Nakhon Pathom and the South, giving its supply chain high flexibility. Meanwhile, overall prices for mature coconuts in 2026 have fallen clearly compared with other years, helping keep the production cost structure low.

Blue Whale News, October 8 — *ST Niya completed its board renewal at an extraordinary shareholders' meeting, with CITIC-affiliated Wang Liang elected chairman, and Ke Chao serving as vice chairman and general manager while continuing to concurrently hold the role of chief financial officer. Wang Liang, born in 1981, is currently a member of the party committee and chief financial officer of CITIC Guoan Industrial. Ke Chao, born in 1971, was appointed general manager of *ST Niya on January 28, 2026, and after the board renewal at the end of September, became vice chairman, general manager, and chief financial officer. *ST Niya is a wine enterprise integrating grape cultivation, production, sales, and research, owning several well-known domestic wine brands including Niya, Xiyu, Xintian, and Tianfangyetan. As of the end of June this year, it has developed more than one hundred distributor and key account partners nationwide. The company is currently on the life-or-death line for shell preservation: revenue in 2025 was 123 million yuan, down 23.62 percent year on year, with net profit attributable to the parent company at negative 26.0755 million yuan and non-recurring net profit at negative 30.2558 million yuan. After deducting revenue unrelated to the main business and lacking commercial substance, revenue fell to 118 million yuan, below the 300 million yuan red line, with both indicators hitting the line simultaneously, triggering a delisting risk warning in April this year. In the first half of 2026, the company's revenue was 82.9365 million yuan, up 19.10 percent year on year, with net profit attributable to the parent company at 7.6954 million yuan, up 1,045.98 percent year on year, and non-recurring net profit at 3.7611 million yuan, turning from loss to profit compared with the same period last year. However, net operating cash flow was negative 23.7646 million yuan, with outflows expanding compared with the same period last year, and the heavy pressure of shell preservation remains. At the end of August, *ST Niya signed a three-year financial services agreement with CITIC Finance Company Limited, with a maximum daily deposit balance not exceeding 200 million yuan and a maximum comprehensive credit balance not exceeding 100 million yuan. CITIC Finance had total assets of 54.513 billion yuan and net assets of 8.408 billion yuan at the end of 2025. Shen Meng, a director at Chanson Capital, told Blue Whale News that Niya is CITIC's wine operation platform, and CITIC cannot abandon this brand and platform. Using resources within the group to continuously support and inject capital is also to ensure the maintenance of this platform, but the more important issue now is the company's future development.