CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

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We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

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<p></p><ul><li>The company is very good at generating consistently positive operating cash flow</li><li>Its competitive strategy appears excellent based on the gross profit margin</li><li>The tightness of the operation is good based on the cash conversion cycle</li></ul>

The company is very good at generating consistently positive operating cash flowIts competitive strategy appears excellent based on the gross profit marginThe tightness of the operation is good based on the cash conversion cycle

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

<ul><li>Haad Thip (HTC TB — US$194 million) is a Coca-Cola bottler responsible for Thailand’s 14 southern provinces.</li><li>It was mentioned by the Twitter account Nate, who suggested I read through Haad Thip’s annual report. And I’m happy I did.</li><li>A bottler works with the Coca-Cola Company in the United States to manufacture and distribute its products.</li></ul>

Haad Thip (HTC TB — US$194 million) is a Coca-Cola bottler responsible for Thailand’s 14 southern provinces.It was mentioned by the Twitter account Nate, who suggested I read through Haad Thip’s annual report. And I’m happy I did.A bottler works with the Coca-Cola Company in the United States to manufacture and distribute its products.

Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>HTC reported a 1Q26 net profit of Bt198mn (+9% YoY, +76% QoQ). Excluding a reversal of asset impairment losses and Fx losses, core profit came in line with estimates at Bt183mn (+2% YoY, +68% QoQ).</li><li>1Q26 revenue reached Bt2.35bn, up 12% YoY and 8% QoQ. This outperformed the non-alcoholic ready-to-drink (NARTD) market in Southern Thailand, which grew only 5% YoY.</li><li>Effective management of pricing, packaging sizes, and sales channels, combined with production efficiency improvements, helped maintain the gross profit margin (GPM) flat YoY at 42.1%.</li></ul>

HTC reported a 1Q26 net profit of Bt198mn (+9% YoY, +76% QoQ). Excluding a reversal of asset impairment losses and Fx losses, core profit came in line with estimates at Bt183mn (+2% YoY, +68% QoQ).1Q26 revenue reached Bt2.35bn, up 12% YoY and 8% QoQ. This outperformed the non-alcoholic ready-to-drink (NARTD) market in Southern Thailand, which grew only 5% YoY.Effective management of pricing, packaging sizes, and sales channels, combined with production efficiency improvements, helped maintain the gross profit margin (GPM) flat YoY at 42.1%.

HAAD THIP Plc. (HTC): 1Q26 Core Profit Came In Line With Estimates

<ul><li>We anticipate YoY earnings growth for 1Q26E, driven by resilient volume sales.</li><li>The revised fair value is derived from a required return of 9.2% (down from 9.3%), with the equity risk premium (ERP) adjusted to align with updated company-specific inputs i.e. 12-month forward EPS growth, ROE, and book value per share) following our fundamental revision.</li><li>We maintain a Neutral rating, as the current share price appears fully valued against the revised fair value of Bt15.60 (down from Bt17.40).</li></ul>

We anticipate YoY earnings growth for 1Q26E, driven by resilient volume sales.The revised fair value is derived from a required return of 9.2% (down from 9.3%), with the equity risk premium (ERP) adjusted to align with updated company-specific inputs i.e. 12-month forward EPS growth, ROE, and book value per share) following our fundamental revision.We maintain a Neutral rating, as the current share price appears fully valued against the revised fair value of Bt15.60 (down from Bt17.40).

HAAD THIP Plc. (HTC): Cost Pressures Remain Manageable – Neutral (12M FWD Fair Value Bt15.60)

<ul><li>We downgrade our rating for HTC to Neutral (from Outperform).</li><li>The stock still offers about 11% upside to our new FV of Bt17.40, based on a required return of 9.3% (previously Bt19.20 and 8.1%), following a downward revision to our earnings forecasts.</li><li>We now project 2Y EPS CAGR of 3.1%, which trails the industry average.</li></ul>

We downgrade our rating for HTC to Neutral (from Outperform).The stock still offers about 11% upside to our new FV of Bt17.40, based on a required return of 9.3% (previously Bt19.20 and 8.1%), following a downward revision to our earnings forecasts.We now project 2Y EPS CAGR of 3.1%, which trails the industry average.

HAAD THIP Plc. (HTC): Market Slowdown Hit 4Q25 Profit; Attractive Dividend Yield

Thailand

Haad Thip Public Company Limited is a Thailand-based authorized manufacturer and distributor of Coca-Cola beverages and other related products, including sparkling, still, and energy drinks, primarily serving 14 southern provinces of Thailand. The company also operates in real estate development. It was founded in 1969 and is headquartered in Songkhla, Thailand.

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Haad Thip (HTC TB)

Uncovered Thai Stocks: HTC (2Q26)

The company is very good at generating consistently positive operating cash flow Its competitive strategy appears excellent based on the gross...

A. Stotz Investment Research

Haad Thip (HTC TB): Monopoly Coca-Cola Bottler at 10x P/E and 7% Dividend Yield

Haad Thip (HTC TB — US$194 million) is a Coca-Cola bottler responsible for Thailand’s 14 southern provinces. It was mentioned by the Twitter...

Asian Century Stocks

HAAD THIP Plc. (HTC): 1Q26 Core Profit Came In Line With Estimates

1Q26 revenue reached Bt2.35bn, up 12% YoY and 8% QoQ. This outperformed the non-alcoholic ready-to-drink (NARTD) market in Southern Thailand, which...

Krungthai XSpring

HAAD THIP Plc. (HTC): Cost Pressures Remain Manageable – Neutral (12M FWD Fair Value Bt15.60)

We maintain a Neutral rating, as the current share price appears fully valued against the revised fair value of Bt15.60 (down from Bt17.40).

Krungthai XSpring

HAAD THIP Plc. (HTC): Market Slowdown Hit 4Q25 Profit; Attractive Dividend Yield

The stock still offers about 11% upside to our new FV of Bt17.40, based on a required return of 9.3% (previously Bt19.20 and 8.1%), following a...

Krungthai XSpring

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