Coca-Cola Bottlers Japan Retires 7,683,700 Shares in Completed Buyback
Coca-Cola Bottlers Japan Holdings has completed a share repurchase program, retiring 7,683,700 shares, or 4.64% of its stock, for ¥27,134.68 million. The buyback follows a 20.55% year-to-date share price gain, a 7.09% decline over the past 90 days, a 1 year total shareholder return of 53.29% and a 5 year total shareholder return of 164.26%. The stock closed at ¥3,813, against a most-followed fair value estimate of ¥4,210, which frames the shares as 9% undervalued. Management's newly announced Vision 2030 targets a 2 to 3% revenue CAGR and business income of over ¥80 billion by 2030, supported by supply chain automation, AI-driven logistics and back-office digital transformation expected to deliver cost savings of ¥30 to ¥35 billion by 2030. The company still faces pressure from shrinking vending volumes and an aging population that could cap demand for ready-to-drink beverages.
Tech-bank Food September Commercial Hog Sales Revenue 462 Million Yuan, Down 6.22% Month-on-Month
Tech-bank Food announced that in September 2026, the company sold 503,400 commercial hogs, with sales revenue of 462 million yuan and an average selling price of 9.97 yuan per kilogram. Month-on-month changes were negative 19.13 percent, negative 6.22 percent, and negative 3.52 percent, respectively. From January to September 2026, cumulative commercial hog sales totaled 5,719,500 head, with sales revenue of 4.794 billion yuan and an average selling price of 10.75 yuan per kilogram. Year-on-year changes were 23.34 percent, negative 21.21 percent, and negative 31.84 percent, respectively.
Muyuan Foods' September commercial hog sales revenue at 8.52 billion yuan, down 6.01% year-on-year
Muyuan Foods announced on October 11 that in September 2026, the company sold 6.423 million commercial hogs, up 15.24% year-on-year. The average selling price of commercial hogs that month was 10.36 yuan per kilogram, down 19.57% year-on-year. Dragged by the price decline, commercial hog sales revenue was 8.52 billion yuan, down 6.01% year-on-year.
Muyuan Foods' September commercial hog sales volume up 15.24%, average price down 19.57%
Muyuan Foods announced on October 11 that in September 2026, the company sold 6.42 million commercial hogs, up 15.24% year on year. The average selling price of commercial hogs was 10.36 yuan per kilogram, down 19.57% year on year. Revenue from commercial hog sales was 8.52 billion yuan, down 6.01% year on year. As of the end of September 2026, the company's breeding sow inventory stood at 2.97 million head, and its subsidiaries slaughtered 3.02 million hogs. In the first half of 2026, Muyuan Foods achieved revenue of 59.41 billion yuan, with net profit attributable to the parent company of negative 6.078 billion yuan.
Tech-Bank Food's September commercial hog sales revenue was 462 million yuan, down 6.22% month-on-month
Tech-Bank Food announced on October 11 that the company sold 503,400 commercial hogs in September 2026, including 92,200 piglets, with sales revenue of 462 million yuan. The average sales price was 9.97 yuan per kilogram, and the average price for commercial fattening hogs was 10.03 yuan per kilogram. Month-on-month changes were negative 19.13 percent, negative 6.22 percent, and negative 3.52 percent, respectively. From January to September 2026, the company sold a cumulative total of 5,719,500 commercial hogs, including 2,060,200 piglets, with sales revenue of 4.794 billion yuan. The average sales price was 10.75 yuan per kilogram, and the average price for commercial fattening hogs was 10.17 yuan per kilogram. Year-on-year changes were 23.34 percent, negative 21.21 percent, and negative 31.84 percent, respectively.
Muyuan Foods' September commercial hog sales revenue was 8.52 billion yuan, down 6.01% year-on-year
Muyuan Foods announced that in September 2026, the company sold 6.423 million commercial hogs, a year-on-year change of 15.24%. The average selling price of commercial hogs was 10.36 yuan per kilogram, a year-on-year change of -19.57%. Commercial hog sales revenue for the month was 8.52 billion yuan, a year-on-year change of -6.01%. As of the end of September, the company's breeding sow inventory stood at 2.974 million head.
Diageo's Johnnie Walker Launches Limited Edition Blue Label Indian Festive Blend
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.
DGE.LSE · Demand · Positive Johnnie Walker launches a limited-edition Blue Label Indian Festive Blend tailored to the Indian market, supporting Diageo's localisation and premiumization push.
DGE.LSE · Technology · Negative Article notes Diageo still lacks broader low- and no-alcohol product development as moderation trends build.
Südzucker Returns to Profit With €28 Million in Second Quarter
Südzucker returned to profit in its second quarter, reporting €28 million in net income compared with a net loss a year earlier, while sales remained largely stable. The earnings release comes as the company's shares have climbed 34.43% year to date, with a 90 day gain of 9.69%, though the one month return fell 4.53%. Analysts hold a consensus price target of €11.98, against a last close of €12.22, with the most bullish target at €15.0 and the most bearish at €9.0. A separate discounted cash flow model estimates a future cash flow value of €35.56, implying the shares trade about 65.6% below that figure.
SZU.XETRA · Capital · Positive Südzucker returned to profit with €28 million net income in Q2 versus a year-earlier loss, a direct earnings improvement.
General Mills Prices Cash Tender Offers for Seven Series of Senior Notes
General Mills announced the pricing terms, expiration and results of its cash tender offers for seven series of its senior notes, which expired at 5:00 p.m. New York City time on October 9, 2026. The company accepted for purchase $196,704,000 of its 3.000% Senior Notes due 2051, $86,471,000 of its 4.150% Senior Notes due 2043, $91,589,000 of its 4.700% Senior Notes due 2048, $290,082,000 of its 2.250% Senior Notes due 2031, and $79,047,000 of its 4.550% Senior Notes due 2038, each at a proration factor of 100.00%. For its 2.875% Senior Notes due 2030, General Mills accepted $185,131,000 of the $361,138,000 tendered, at an approximate proration factor of 51.55%, while none of the $55,731,000 tendered of its 5.400% Senior Notes due 2040 was accepted. Holders whose notes were accepted will also receive an accrued interest payment on October 14, 2026, and notes validly tendered but not accepted will be returned promptly. BofA Securities, Citigroup Global Markets and Morgan Stanley served as dealer managers, with D.F. King & Co. as tender and information agent.
Constellation Brands Beats Q2 Estimates and Agrees to Acquire SpikedAde
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.
Pilgrim's Pride Forms Special Committee to Review JBS Buyout Proposal
Pilgrim's Pride said its board has formed a special committee of independent and disinterested directors to review and evaluate the previously announced unsolicited proposal from JBS in August. The special committee has selected Ropes & Gray LLP as legal counsel and Moelis & Company LLC as financial advisor to assist in its review and evaluation of the JBS proposal, according to a statement on Friday. Pilgrim's Pride will not approve the transaction proposed by JBS without the favorable recommendation of the special committee and the affirmative vote of a majority of the votes cast by holders of Pilgrim's Pride shares not held by JBS or its affiliates. In August, JBS, which already owns about 82% of Pilgrim's Pride, proposed buying all the remaining publicly traded shares in an all-stock transaction that would give Pilgrim's Pride shareholders 2.086 JBS Class A shares for each Pilgrim's Pride share. Shares of Pilgrim's Pride edged higher by 0.6% on Friday, while JBS rose 1.2%.
Molson Coors Expands Monaco Cocktails as RTD Push Grows
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.
TAP · Demand · Positive Monaco Cocktails' first full quarter under Molson Coors ownership delivered sales and profit contributions slightly ahead of acquisition expectations, with plans to expand distribution.
Bull Market Nears Fourth Birthday as Delta and PepsiCo Flash Inflation Warnings
The current bull market is on track to become the seventh since the 1950s to complete at least four full years on October 12th, according to a new analysis by Truist Co-chief investment officer Keith Lerner. The 119% advance sits near the middle of the pack when measured against every bull market dating back to the 1950s, well below the 401% gain during the 2009 to 2020 cycle and the 582% gain from 1987 to 2000, while the historical average advance in Lerner's measurement period is 184%. Over the 10 prior bull markets, six lasted longer than four years. But early signs of trouble are emerging this earnings season as inflation hits corporate America: Delta said its fuel expense rose by nearly $2 billion year-over-year, a 69% increase, and guided well below consensus on fourth-quarter earnings because of higher fuel prices. PepsiCo cut its full-year profit outlook on Thursday, in part because of inflation hitting all areas of its business, from wheat and corn to the diesel in the trucks that deliver potato chips to supermarkets.
PepsiCo Cuts 2026 Core EPS Growth Outlook to 2.5%-3.5% on Margin Pressure
PepsiCo lowered its 2026 core EPS growth outlook to 2.5% to 3.5%, down from its previous expectation at the low end of 5% to 7%, as rising input costs and weaker margins weighed on the third-quarter earnings call. Executive vice president and CFO Stephen Schmitt attributed the revision primarily to weaker-than-expected margins, higher input costs and unfavorable product mix, noting that six- to 12-month commodity hedges had contained inflation but their expiration was exposing the business to higher costs, alongside the expiration of tariff-related benefits in North American beverages. The company still expects approximately 6% net revenue growth and 3% organic revenue growth for the year, and reported core EPS of $2.34, exceeding the Zacks Consensus Estimate of $2.29, on revenues of $25.27 billion that surpassed the $24.88 billion consensus estimate. Chairman and CEO Ramon Laguarta said international organic revenues rose 8% in the quarter with operating margin expanding 105 basis points, and international operations represented 45% of year-to-date profit, while North American snacks returned to low-single-digit volume growth from declines a year earlier. Management said it is evaluating structural alternatives including potential beverage refranchising in selected U.S. markets and is advancing its One North America integration initiative, with more clarity on 2027 expectations scheduled for February.
PEP · Capital · Negative PepsiCo cut its 2026 core EPS growth outlook to 2.5%-3.5% from the low end of 5%-7% on weaker margins and higher input costs.
PEP · Supply · Negative Expiring commodity hedges and the expiration of tariff-related benefits in North American beverages are exposing the business to higher input costs.
Tilray, PepsiCo, Levi Strauss Report Mixed Quarterly Results
Tilray Brands reported a first-quarter fiscal 2027 loss of $0.32 per share, wider than the Zacks Consensus Estimate of a loss of $0.19 per share, sending its shares down 3.4%. PepsiCo reported third-quarter 2026 earnings of $2.34 per share, beating the Zacks Consensus Estimate of $2.29 per share, and its shares gained 3.7%. Levi Strauss & Co. reported third-quarter fiscal 2026 revenues of $1,610 million, lagging the Zacks Consensus Estimate of $1,615 million, and its shares tumbled 2.4%. Micron Technology shares fell 4.8% on a broader tech decline.
SNNP reports fire at Bento factory, situation under control, no injuries, insurance covers full damage
Sri Nana Porn Marketing, or SNNP, has notified the Stock Exchange of Thailand that a fire broke out at the snack production building for the Bento brand at its factory branch 00001 on Ekachai 1 Road, Om Noi subdistrict, Krathum Baen district, Samut Sakhon province, on 9 October 2026. Firefighters and staff were able to bring the blaze under control and extinguish it. Initially, no injuries or deaths were reported, and there were no reports of impact on nearby communities. The company is coordinating with relevant agencies to investigate the actual cause. The company has already taken out insurance covering damage to property and goods, with coverage limits sufficient for the full extent of the damage, and will expedite coordination with the insurer to assess the damage. As for the business impact, SNNP assesses that this incident will not significantly affect revenue from this product group, as it has sufficient inventory to support sales for approximately one month and can draw additional production capacity from its factory in Vietnam.
SNNP.BK · Supply · Negative Fire damaged the Bento snack production building, disrupting output though inventory and Vietnam capacity mitigate the impact.
SNNP reports fire at Bento factory, situation under control, full insurance coverage in place
Sri Nana Phan Marketing Public Company Limited, or SNNP, has reported a fire at the snack production building for the Bento brand at its factory branch 00001 on Setthakit 1 Road, Om Noi subdistrict, Krathum Baen district, Samut Sakhon province, on 9 October 2026. Firefighters and emergency personnel were able to bring the situation under control and extinguish the blaze. Initially, no injuries or deaths have been found, and there are no reports of impact on nearby communities. As for the cause of the fire and the damage incurred, the company is coordinating with relevant agencies to investigate the true cause. The company stated that it has already taken out insurance covering damage to property and goods, with coverage limits sufficient for all damages, and will expedite coordination with the insurance company to assess the damage. Regarding the impact on business operations, the company preliminarily assesses that the incident will not have a significant effect on revenue from the aforementioned product group, as it has sufficient inventory to support sales for approximately one month, and can also accommodate additional production from its factory in Vietnam. If there are further developments, the company will notify the Stock Exchange of Thailand in due course.
SNNP.BK · Supply · Negative Fire damaged the Bento snack production building, disrupting capacity though inventory and Vietnam factory mitigate the impact.
SNNP clarifies fire at Bento factory, blaze contained, no impact on revenue
Sri Nana Phorn Marketing Public Company Limited, or SNNP, reported that a fire broke out in the building producing Bento-brand snack products at its factory branch 00001 on Setthakit 1 Road, Om Noi subdistrict, Krathum Baen district, Samut Sakhon province, on 9 October 2026. Firefighters and emergency personnel were able to bring the blaze under control and extinguish it. Initially, no injuries or deaths have been found, and there are no reports of impact on nearby communities. The company is coordinating with relevant agencies to investigate the actual cause. The company has taken out insurance covering damage to property and goods, with coverage limits sufficient for the full extent of the damage, and will expedite coordination with the insurer to assess the damage. As for the impact on business operations, the company preliminarily assesses that this incident will not have a significant effect on revenue from this product group, as it has sufficient inventory to support sales for approximately one month and can supplement production from its factory in Vietnam. The company will report further progress to the Stock Exchange of Thailand.
SNNP.BK · Supply · Neutral Fire damaged the Bento snack production building, but the company says sufficient inventory and Vietnam factory capacity mean no significant revenue impact.
SNNP reports fire at Bento production building, expects no revenue impact
Sri Nana Phorn Marketing Public Company Limited, or SNNP, disclosed that at approximately 04:30 on 9 October 2026, a fire broke out at the production building for Bento-branded snack products within the company's factory, Branch 00001, on Ekachai 1 Road, Om Noi Subdistrict, Krathum Baen District, Samut Sakhon Province. The company was able to bring the fire under control by 07:00. Initially, no injuries or deaths have been found, and there are no reports of impact on nearby communities. The cause of the fire and the extent of the damage are under investigation together with relevant authorities. The company stated that it has taken out insurance covering damage to property and goods, with coverage limits sufficient for all damage, and will expedite coordination with the insurance company to assess the damage. As for the business impact, the company estimates that this incident will not have a significant effect on revenue from this product group, as it has sufficient inventory to support sales for approximately one month and can accommodate additional production from the company's factory in Vietnam.
SNNP reports fire at Bento factory, blaze contained, revenue impact seen as limited
Srinanaporn Marketing Public Company Limited, or SNNP, reported that a fire broke out in the snack production building for the Bento brand at its factory branch 00001 on Ekachai 1 Road in Om Noi subdistrict, Krathum Baen district, Samut Sakhon province, on 9 October 2026 at approximately 04:30, and the blaze was brought under control by 07:00. Initially, no injuries or deaths were found, and there have been no reports of impact on nearby communities. The cause and the damage are under investigation together with relevant authorities. The company said it has taken out insurance covering damage to property and goods and will expedite coordination with the insurance company to assess the damage. As for the business impact, the company preliminarily estimates that the incident will not have a significant effect on revenue from the Bento product group, because it has sufficient inventory to support sales for about one month and can also increase production capacity from its factory in Vietnam to meet market demand. The company will accelerate the restoration of the damaged area to return operations to normal as quickly as possible, while minimising the impact on customer orders.
SNNP.BK · Supply · Negative Fire damaged the Bento snack production building, disrupting capacity, though inventory and Vietnam capacity limit the revenue hit.
PepsiCo Raises €1 Billion in Two-Part Euro Bond After Cutting Profit Outlook
PepsiCo Inc. entered Europe's public bond market on Friday with a €1 billion ($1.12 billion) two-part deal, a day after cutting its profit outlook on mounting costs in North America. The deal is split between a three-year tranche and a nine-year tranche, each fixed at a size of €500 million, with initial pricing for the shorter part around 60 basis points above mid-swaps and the longer slice marketed at around 105 basis points, according to a person familiar with the matter. The company lowered its earnings growth outlook on Thursday, citing weakness in both its beverage and snack businesses, and Chief Executive Officer Ramon Laguarta told analysts on a call that the company doesn't "feel good about the beverage business," with sales volumes of North American beverages down 3% so far this year. PepsiCo is turning to Europe for the second time this year while staying away from its home market, adding to a record boom in so-called reverse Yankee issuance that has pushed sales above €140 billion this year, with Alphabet Inc., Danaher Corp. and Baker Hughes Co. among the US borrowers contributing. The sale, managed by Deutsche Bank AG and HSBC Holdings Plc, is expected to price later today.
PepsiCo Q3 Revenue Tops Estimates at $25.27 Billion on International Growth
PepsiCo reported third-quarter 2026 results that beat Wall Street expectations, with revenue rising 5.6% year on year to $25.27 billion against analyst estimates of $24.96 billion, and non-GAAP profit of $2.34 per share coming in 1.9% above the consensus of $2.30. Operating margin expanded to 16.9% from 14.9% a year earlier, while organic revenue rose 3.1% and sales volumes were flat year on year, an improvement from a 3% decline in the same quarter last year. CEO Ramon Laguarta credited international markets, which now account for 45% of total profit year-to-date, as a big driver of the quarter, while management called the underperformance in U.S. carbonated soft drinks dissatisfying and said it is responding with increased brand investment. CFO Steve Schmitt said input costs are trending higher and mix has been a headwind, and management warned that rising commodity costs, the expiration of hedging benefits and tariff reversals will weigh on margins in the coming quarters, to be partly offset by productivity measures, automation and cost cuts. PepsiCo also cited recent tuck-in acquisitions including Siete and Poppi, a new marketing partnership with Publicis, and plans for portfolio rationalization and SKU optimization as it works to revive North American performance.
Broker maintains Buy on CBG, trims target price to 63 baht, sees flooding as only a short-term disruption
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.
CBG.BK · Capital · Positive Broker maintains Buy on CBG, though it trims its target price to 63 baht on flooding-related short-term disruption.
CBG.BK · Demand · Positive Core growth driver is rising domestic energy drink market share (27% to 32% by 2027) with 10% YoY sales growth target and expanding Myanmar/distribution/OEM volumes.
ASL Securities Expects TU's Q3 2026 Profit to Reach 1.3 Billion Baht
ASL Securities estimates the net profit of Thai Union Group, or TU, for the third quarter of 2026 at 1.3 billion baht, up 3% from the previous quarter but down 0.2% from a year earlier. Total revenue expanded to 35 billion baht, up 5.6% from the previous quarter and 3.6% from a year earlier. The main supporting factors came from the export high season, an average weaker baht at 33.39 baht per US dollar, down 1.9% from the previous quarter, and the processed food and pet food businesses, which were boosted by customers in Europe and the United States. Meanwhile, the SG&A expense ratio to sales held steady at 14.9%, close to the 15% level in 2026. On the pressure side, the gross profit margin fell to 20.3% from 21.4% in the previous quarter because tuna prices rose 17.3%. If results meet expectations, net profit for the first nine months of 2026 will account for 74% of the full-year estimate. TU will report its third-quarter 2026 results on November 2, 2026. The research team maintains a buy recommendation with a 2027 target price of 15.10 baht, based on a price-to-earnings ratio of 12.4 times, and expects a dividend yield of 6.1% in 2026, viewing TU as a top pick in the industrial food export sector.
TU.BK · Capital · Positive ASL Securities estimates TU's Q3 2026 net profit at 1.3 billion baht and maintains a buy rating with a 15.10 baht target price.
TU.BK · Supply · Negative Gross profit margin fell to 20.3% from 21.4% as tuna prices rose 17.3%, pressuring input costs.
LHSEC recommends buying TU with a target of 14.80 baht and GULF with a target of 72 baht
Land and Houses Securities issued an analysis recommending the purchase of two stocks, setting a target price for TU at 14.80 baht, with support estimated at 12.40/12.60 baht and resistance at 13.20/13.5 baht, and a target price for GULF at 72 baht, with support estimated at 58.5/60.0 baht and resistance at 62.75/63.5 baht. For TU, higher tuna costs are pressuring gross margin in the fourth quarter of 2026 after September tuna prices rose 42% year on year, expected to hit gross margin by about 50 basis points before gradually recovering in the first quarter of 2027 in line with the downward trend in tuna prices. Core profit in the third quarter of 2026 is expected to grow 12-15% year on year and 2-4% quarter on quarter on higher sales from product price adjustments, strong pet food demand, and improved mixed products, while gross margin recovers year on year but slows quarter on quarter from a high base in the previous quarter. GULF has a strong long-term outlook from the gradual commercial operation of power plants, especially renewable energy, the expansion of its data center business, for which GULF has readiness at a level of 2,000 megawatts, as well as profit sharing from ADVANC that continues to grow, and it is expected to benefit from the new PDP 2026 plan amid rising electricity demand, which increases opportunities for new power generation capacity that GULF is highly ready to bid for, including new M&A deals for power plants overseas. Normal profit in the third quarter of 2026 weakened quarter on quarter on the absence of KBANK dividend income but still grew strongly year on year on profit sharing from ADVANC and new renewable energy projects in Thailand.
Bualuang says CBG flood impact is only short-term, keeps Buy rating with new 63 baht target
Bualuang Securities stated that the current flood situation affects the business of Carabao Group, or CBG, only slightly and is a temporary disruption, and has not changed the long-term growth picture or the 2027 profit outlook, which is expected to grow 15% YoY, driven by three businesses: domestic energy drinks, operations in Myanmar, and the distribution and OEM contract manufacturing business for domestic energy drinks. CBG targets 2027 sales growth of 10% YoY, higher than the overall market, which is expected to grow about 7%, with market share projected to rise from 27% at the end of 2025 to about 30% at the end of 2026 and reach 32% at the end of 2027. In the Myanmar business, production capacity is being raised 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. Meanwhile, the OEM business under the LOVEZA brand targets lifting production capacity from 40 million cans in 2026 to 100 million cans in 2027, which is expected to push OEM revenue up from 250 million baht to 540 million baht. As for the flood impact, the Bang Pakong plant was not directly affected, but the main risk lies in the transport system and the delay in revenue recognition between the third and fourth quarters of 2026, prompting a revision of the domestic energy drink sales growth assumption for the third quarter of 2026 down to 5% YoY from a previously expected 15% YoY, and a decline of 3% QoQ, along with a cut in the third-quarter 2026 net profit forecast to 710 million baht from a previously expected 750 million baht. The net impact from the floods on 2026 profit is expected to be about 5%. Nevertheless, Bualuang Securities maintained its Buy recommendation while lowering its target price to 63 baht to reflect the short-term impact of the flood situation.
CBG.BK · Capital · Neutral Bualuang keeps Buy rating but cuts CBG target price to 63 baht and trims Q3 2026 profit forecast on flood-related revenue delays.
CBG.BK · Supply · Negative Flooding disrupts CBG's transport system and delays revenue recognition, cutting Q3 2026 domestic energy drink sales growth to 5% YoY.
Bualuang Securities Public Company Limited · Capital · Neutral Bualuang Securities is the analyst issuing the Buy rating and lowered target price on CBG, not itself the subject of a fundamental development.
Krungsri expects XO's third-quarter profit to reach 191 million baht, the highest in nine quarters
Krungsri Securities assesses that Exotic Food Public Company Limited, or XO, is returning to a recovery cycle after customers in overseas markets began restocking products again. It expects normal profit in the third quarter to come in at 191 million baht, up 44% from a year earlier and 13% from the previous quarter, the highest level in nine quarters. Net profit is expected at 186 million baht, up 41% from a year earlier and 70% from the previous quarter, after deducting special expenses of about 5 million baht from the destruction of chilies. Revenue is expected at 653 million baht, up 28% from a year earlier and 12% from the previous quarter, supported by orders from customers in Europe, the main market that generates about 83% of the company's revenue. The gross profit margin is expected at 49.5%, up from 46.4% in the third quarter of last year and 49.3% in the second quarter of this year. Krungsri estimates full-year normal profit at 650 million baht, growing 26%, and is starting to see an opportunity to raise its profit forecast by about 6% on better-than-expected revenue and gross margin. It maintains a Buy recommendation with a target price of 21.80 baht for next year, based on a price-to-earnings ratio of 13 times. Meanwhile, the company plans to expand its distribution channels in Europe from about 5,000 to 6,000 branches to 8,000 branches, and to invest in a new factory worth about 1.3 billion baht, expected to be completed in the third quarter of 2028, which will increase its revenue capacity by about 28%, from 3.3 billion baht to 4.3 billion baht per year.
XO.BK · Capital · Positive Krungsri expects XO's Q3 normal profit at 191 million baht, highest in nine quarters, and maintains Buy with a 21.80 baht target price.
XO.BK · Demand · Positive Overseas customers, especially in Europe, are restocking and placing orders, driving revenue up 28% year on year.
FSS recommends buying ITC with a target of 21.30 baht, expects fourth-quarter profit to surge on M&A deal
Finansia Syrus Securities Public Company Limited, or FSS, issued an analysis recommending the purchase of shares of i-Tail Corporation Public Company Limited, or ITC, with a 2027 target price set at 21.30 baht. For the third-quarter 2026 operating outlook, the research team expects net profit of 754 million baht, down 11% from the previous quarter and down 7% from the same period a year earlier, pressured by expenses that slowed margins, while revenue still grew strongly at 16% year on year. ITC's business direction is expected to return to outstanding growth in the fourth quarter of 2026, with revenue forecast to hit its annual peak, helping drive net profit higher, and there is also upside from a merger or M&A deal, which is expected to be concluded and officially announced within the fourth quarter of 2026. The research team expects ITC's 2026 net profit at 3.34 billion baht, growing continuously to 3.76 billion baht in 2027, representing average growth of 12% year on year. On the technical view, support is estimated at 16.30 and 16.00 baht, with resistance at 16.80 to 17.00 baht and 17.80 to 18.00 baht.
Yisheng Shares' actual controller Cao Jisheng extends pledge of 15.696 million shares by one year, personal pledge ratio drops to 40.33%
Yisheng Shares announced on the evening of October 8 that its controlling shareholder and actual controller Cao Jisheng completed partial release of pledged shares and extension of pledge repurchase, with 15.696 million shares extended by one year and 509,000 shares released from pledge. The 15.696 million shares in this extension originally had a pledge maturity date of September 29, 2026, now extended to September 29, 2027, with China Merchants Securities as the pledgee and the pledge purpose being replacement of prior pledge financing. These shares account for 2.67% of his holdings and 1.10% of the company's total share capital. The 509,000 shares released from pledge account for 0.09% of his holdings and 0.04% of the company's total share capital. As of the announcement date, Cao Jisheng holds 587 million shares of Yisheng Shares, representing 41.02% of the company's total share capital, with cumulative pledged shares of 237 million, accounting for 40.33% of his holdings and 16.54% of the company's total share capital. The company stated that he has the ability to repay funds, the pledged shares do not pose a forced liquidation risk, and there will be no change in actual control. Since the beginning of this year, Cao Jisheng has released pledges in multiple batches, reducing his personal pledge ratio from nearly 50% at the start of the year to 40.33%. Previously, after pledging 26.17 million shares on May 18, 2026, his cumulative pledged shares once reached 293 million, accounting for 49.88% of his holdings. In terms of performance, Yisheng Shares achieved operating revenue of 1.697 billion yuan in the first half of 2026, up 28.44% year on year, with net profit attributable to the parent company of 308 million yuan, compared with 6.1551 million yuan in the same period last year, a year-on-year increase of 4897.29%.
002458.CS · Capital · Neutral Actual controller Cao Jisheng extended the pledge on 15.696 million shares by one year while releasing 509,000 shares, lowering his personal pledge ratio to 40.33% with no forced-liquidation risk or change in control.
Yisheng Shares' September white-feather broiler chick sales revenue was 131 million yuan, down 30.45% year on year
Yisheng Shares announced September 2026 sales data. The company sold 55.2233 million white-feather broiler chicks, with sales revenue of 131 million yuan, a year-on-year change of 4.52% and -30.45% respectively, and a month-on-month change of -0.22% and -35.92% respectively. In the same period, sales of Yisheng 909 small white-feather broiler chicks were 7.5465 million, with sales revenue of 14.1877 million yuan, a year-on-year change of -5.75% and 106.91% respectively, and a month-on-month change of 1.39% and -1.14% respectively. The company sold 12,283 breeding pigs in September, with sales revenue of 31.6231 million yuan, a year-on-year change of -2.40% and 12.62% respectively, and a month-on-month change of 17.09% and 24.76% respectively. The company said that in September 2026, white-feather broiler product and live chicken prices were running at low levels, and the unit selling price of white-feather broiler chicks declined, causing both year-on-year and month-on-month declines in white-feather broiler chick sales revenue for the month. Meanwhile, the average selling price of Yisheng 909 small white-feather broiler chicks rose year on year, driving a substantial year-on-year increase in their sales revenue.
002458.CS · Pricing · Negative White-feather broiler chick unit selling prices ran at low levels, driving September sales revenue down 30.45% year on year.
Xiaoming Co.'s September chicken product sales revenue reached 96.4535 million yuan, up 45.81% year-on-year
Xiaoming Co. announced that in September 2026, it sold 21.0524 million birds of chicken products, with sales revenue of 96.4535 million yuan, down 4.86% and 3.35% month-on-month respectively, and down 2.62% and up 45.81% year-on-year respectively. The average selling price of chicken products that month was 4.58 yuan per bird, continuing to edge up month-on-month and hitting a new high for the year. The company said the rise in average price was mainly because the layer farming segment remained profitable, farming units maintained a relatively high level of restocking enthusiasm, chicken product prices stayed at elevated levels, and the company continued to optimize its product and customer structure. The sharp 45.81% year-on-year increase in revenue was mainly because profitability in the layer farming segment improved significantly compared with the same period last year, driving the average price of chicken products notably higher than a year earlier.
300967.CS · Pricing · Positive Average chicken product price hit a new yearly high, up sharply year-on-year, driving September sales revenue up 45.81%.
Wuliangye has repurchased a cumulative 16.1278 million shares, paying approximately 1.201 billion yuan
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.
Kunshan State Capital Takes Control of Visionox with 3 Billion Yuan, Raising Stake to 30.33% as Controlling Shareholder
Visionox disclosed an acquisition report on October 7. Kunshan Yuanchuang Investment Group plans to subscribe in cash for up to 419,038,812 A-shares to be issued by Visionox to specific investors, with a subscription amount not exceeding 3 billion yuan. Based on the maximum issuance, Kunshan Yuanchuang's stake in Visionox will rise from 9.43% to 30.33% after completion, making it the controlling shareholder. The Management Committee of Jiangsu Kunshan Economic and Technological Development Zone will become the actual controller, ending Visionox's status of having no controlling shareholder and no actual controller. After deducting issuance expenses, all funds raised from this private placement will be used to supplement working capital and repay company debt. The issue price will change from the original fixed price of 7.01 yuan per share to a book-building model. Kunshan Yuanchuang has committed not to transfer the subscribed shares for 60 months from the completion of the issuance. Previously, a plan for Hefei Jianshu under Hefei state capital to take over was terminated in September 2026, and Kunshan Yuanchuang took over. Visionox has been incurring losses since 2021, with cumulative undistributed profit of negative 12.166 billion yuan on its consolidated statements as of the end of 2025. However, in the first half of 2026, its global AMOLED smartphone panel market shipments grew 9.7% year on year, with a market share of 10.4%.
002387.CS · Capital · Positive Kunshan state capital injects up to 3 billion yuan via private placement, becoming controlling shareholder and shoring up working capital/debt repayment.
昆山元创投资集团有限公司 · Capital · Positive Kunshan Yuanchuang subscribes up to 3 billion yuan in Visionox shares, raising its stake to 30.33% and becoming controlling shareholder.
Chuanjinnuo Expects Net Profit for First Three Quarters of 2026 to Fall 40.87%–47.44% Year on Year
Chuanjinnuo announced that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be 160 million to 180 million yuan, a year-on-year decrease of 40.87% to 47.44%. The change in performance was mainly due to higher procurement costs for sulfur, a core raw material, a lower overall gross margin compared with the same period last year, and higher period expenses. The company expects third-quarter net profit of 36 million to 56 million yuan, while second-quarter net profit was 83 million yuan. Based on this calculation, third-quarter net profit is expected to fall 32% to 56% quarter on quarter.
300505.CS · Capital · Negative Expects first-three-quarters 2026 net profit down 40.87%–47.44% on higher sulfur procurement costs, lower gross margin, and higher period expenses.
Shuanghui Development and Chairman, Multiple Executives Fined Nearly 60 Million Yuan Over Excessive Veterinary Drug Residues
Shuanghui Development announced on October 9 that its controlling subsidiary, Wangkui Shuanghui Beidahuang Food Co., Ltd., was fined and had confiscations totaling 34.73 million yuan for selling agricultural products whose veterinary drug residues did not meet agricultural product quality and safety standards. The announcement showed that on August 28, 2025, the Changchun Customs Technology Center, during a food safety supervision sampling inspection organized by the Heilongjiang Provincial Administration for Market Regulation, tested pork hindquarter meat produced by Wangkui Shuanghui and sold at the Minghu branch of Heilongjiang Bilin Youxuan Chain Supermarket Co., Ltd. in Ranghulu District, Daqing City. The lincomycin test result was unqualified. After tracing, 910 pigs actually entered the plant, and the case involved goods worth 1.65 million yuan. In addition, the company had not formulated inspection standards for the pig resting period and had not strictly implemented relevant testing specifications, and in its apology statement it incorrectly described 5,892 pigs and 38,900 pigs as 5,892 batches and 38,900 batches. The company was therefore given a warning and fined 2 million yuan. Chairman Wan Hongwei was fined 37.65 million yuan, director and president Ma Xiangjie was fined 5.66 million yuan, vice president Qiao Haili was fined 6.47 million yuan, and chief engineer Wang Yufen was fined 6.59 million yuan. In the first half of 2026, Shuanghui Development achieved revenue of 28.184 billion yuan and net profit attributable to the parent company of 2.306 billion yuan.
000895.CS · Regulation · Negative Shuanghui's subsidiary fined 34.73 million yuan and executives fined for selling pork with excessive veterinary drug residues, a regulatory enforcement action.
Shuanghui Development Fined Over 70 Million Yuan for Veterinary Drug Residue Issues
Shuanghui Development announced that the company, its subsidiary Wangkui Shuanghui, and relevant directors and senior executives have received administrative penalty decision letters. Due to issues including the sale of agricultural products with veterinary drug residues that failed to meet quality and safety standards, Wangkui Shuanghui was ordered to forfeit illegal gains of 1.6539 million yuan and fined 33.0779 million yuan, while the company was ordered to forfeit illegal gains of 1.701 million yuan and fined 34.0193 million yuan. In addition, because the company failed to establish inspection standards for the pig rest period, the company and relevant personnel were fined. The above penalties will reduce the company's net profit for 2026 by 63.8066 million yuan, and will not trigger mandatory delisting for major violations.
000895.CS · Regulation · Negative Shuanghui and its subsidiary Wangkui Shuanghui received administrative penalties and fines totaling over 70 million yuan for selling agricultural products with veterinary drug residues and failing to establish pig rest-period inspection standards, cutting 2026 net profit by 63.8 million yuan.
Tianma Technology has 230 million yuan in overdue debt; actual controller Chen Qingtang has part of his shares frozen pending rotation
Fujian Tianma Technology Group Co., Ltd. announced on October 8 that the company and its subsidiaries had failed to fulfill some debt repayment obligations on time. As of October 7, overdue principal on loans from financial institutions and bills totaled 230 million yuan, accounting for 10.90% of the company's most recent audited net assets. Of this, overdue principal on loans from financial institutions was 160 million yuan, and overdue principal on bills was 70.1446 million yuan. The company cautioned that the overdue debts may lead to higher financial expenses and weaker financing capacity. If not properly resolved later, the company may face risks such as litigation, arbitration, performance of guarantee obligations, frozen bank accounts, and frozen assets, which could affect this year's performance. The company is working through multiple channels to broaden financing options, raise funds for repayment, and negotiate with creditors on extensions and adjusted repayment plans. On the same day, the company also disclosed that part of the shares held by controlling shareholder and actual controller Chen Qingtang had been frozen pending rotation. Chen Qingtang holds 85.2038 million shares of the company, representing 16.85% of total share capital. The shares frozen pending rotation this time amount to 4.4479 million shares, representing 5.22% of his holdings and 0.88% of total share capital. As of the disclosure date, Chen Qingtang and his concert parties together hold 147 million shares of the company, representing 29.12% of total share capital. Among these, a cumulative 2.9338 million shares have been judicially frozen, representing 1.99% of their holdings and 0.58% of total share capital, and a cumulative 7.8236 million shares have been frozen pending rotation, representing 5.31% of their holdings and 1.55% of total share capital. The company said the current freeze pending rotation will not have a material impact on daily production and operations or corporate governance, nor will it cause a change in the controlling shareholder or actual controller. However, if related debt disputes cannot be properly resolved with creditors in the future, the frozen shares may be subject to forced transfer or judicial auction. Tianma Technology was founded in 2005 and listed on the main board of the Shanghai Stock Exchange in January 2017. Its main businesses include specialty aquaculture, animal husbandry, marine food, and marine seed industries. In the first half of 2026, it achieved revenue of 3.132 billion yuan, up 5.34% year on year, while net profit attributable to shareholders of the listed company was 12.3279 million yuan, down 79.53% year on year.
603668.CG · Capital · Negative Company and subsidiaries failed to repay 230 million yuan in overdue loans and bills, raising financial expenses and financing risk that could hurt this year's performance.
Chuanjinnuo Expects Net Profit for First Three Quarters to Fall 40.87% to 47.44% Year on Year
Chuanjinnuo announced on October 9 that it expects net profit attributable to shareholders of the listed company for the first three quarters of 2026 to be between 160 million yuan and 180 million yuan, a year-on-year decrease of 40.87% to 47.44%. The company said there are three main reasons for the year-on-year decline in net profit: first, the purchase cost of sulfur, one of the core raw materials, rose, squeezing profit margins; second, affected by the market and other factors, the overall gross margin declined year on year; third, period expenses increased year on year.
300505.CS · Capital · Negative Company guided first-three-quarter net profit down 40.87%-47.44% year on year on lower gross margin and higher period expenses.
PepsiCo Beats Q3 Estimates but Cuts 2026 EPS Growth Outlook
PepsiCo reported better-than-expected third-quarter results on Thursday, with adjusted earnings of $2.34 per share topping the Zacks EPS Consensus of $2.29 and rising 2% year over year, while revenue climbed 5.6% to $25.27 billion against expectations of $24.87 billion. Consolidated organic revenue growth accelerated to 3.1%, helped by international operations where organic revenue rose 8%, though continued weakness in North American beverages and snacks and higher input costs weighed on profitability. More concerning for investors, PepsiCo lowered its projected 2026 core EPS growth to 2.5%-3.5% from a previous 5%-7% outlook, and management now anticipates organic revenue growth of roughly 3% as inflation and continued investment in its domestic businesses pressure margins. The reduced guidance underscores the gap with rival Coca-Cola, which raised its full-year guidance after its most recent quarter and expects approximately 5% organic revenue growth in 2026 with adjusted EPS up 9%-10%; Coca-Cola will release its own third-quarter report on Tuesday, Oct. 27. PepsiCo shares have fallen more than 10% year to date while Coca-Cola stock has climbed 25%, and PepsiCo now trades at 14X forward earnings versus 26X for Coca-Cola, with a dividend yield of 4.79% against Coca-Cola's 2.47%.
PEP · Capital · Negative PepsiCo beat Q3 estimates but cut its 2026 core EPS growth outlook to 2.5%-3.5% from 5%-7% on inflation and margin pressure.
KO · Competition · Positive Article notes Coca-Cola raised full-year guidance and expects ~5% organic revenue growth in 2026 with EPS up 9%-10%, outperforming PepsiCo.
Coca-Cola Posts 5% Volume Growth in Q2 as Margin Hits 35.6%
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%.
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