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.
T.A.C. Consumer Public Company LimitedYuanta maintains Buy and 8.10 baht fair value on TACC, citing record profit forecasts and upside from new alkaline water products.
CP ALL Public Company Limited