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.

Equity Bottom-Up

<ul><li>HTC reported 3Q25 net profit of Bt131mn, up 1% YoY as promotional activities helped lift revenue amidst softening market and profitability improved.</li><li>Revenue grew 9% YoY and 5% QoQ to Bt2.04bn. HTC’s strategic revenue growth management on price, pack and channel mix together with initiative promotional activities helped lift beverage sales volume by 8% YoY and 5% QoQ to 18mn unit cases, despite the overall weakness in the carbonated drink market.</li><li>4Q25E earnings should improve on seasonality and short-term government consumption stimulus. 9M25 profit fell 3% YoY to Bt456mn, representing 77% of the 2025E full-year forecast.</li></ul>

HTC reported 3Q25 net profit of Bt131mn, up 1% YoY as promotional activities helped lift revenue amidst softening market and profitability improved.Revenue grew 9% YoY and 5% QoQ to Bt2.04bn. HTC’s strategic revenue growth management on price, pack and channel mix together with initiative promotional activities helped lift beverage sales volume by 8% YoY and 5% QoQ to 18mn unit cases, despite the overall weakness in the carbonated drink market.4Q25E earnings should improve on seasonality and short-term government consumption stimulus. 9M25 profit fell 3% YoY to Bt456mn, representing 77% of the 2025E full-year forecast.

HAAD THIP Plc. (HTC): 3Q25 Profit Resilient Despite Soft Market

<ul><li>We initiate coverage on HTC with an Outperform rating.</li><li>The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a required return of 7.9%.</li><li>HTC is a producer and distributor of soft drinks under license from The Coca-Cola Company (USA) in 14 provinces across Southern Thailand.</li></ul>

We initiate coverage on HTC with an Outperform rating.The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a required return of 7.9%.HTC is a producer and distributor of soft drinks under license from The Coca-Cola Company (USA) in 14 provinces across Southern Thailand.

HAAD THIP Plc. (HTC): Resilient Dividend Play Amid Economic Volatility

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

<ul><li>Last week, I had the great pleasure of meeting with Chief Financial Officer Amrit Shrestha and several of his colleagues at Coca-Cola bottler <a href="https://finance.yahoo.com/quote/HTC.BK/" target="_blank" rel="noopener">Haad Thip</a> (HTC TB - US$193 million).</li><li>The company is the exclusive producer and distributor of Coca-Cola products across Thailand’s 14 Southernmost provinces.</li><li>The stock has performed beautifully over time, though sideways since 2021. It trades at a 9.6x P/E ratio and a 6.4% dividend yield.</li></ul>

Last week, I had the great pleasure of meeting with Chief Financial Officer Amrit Shrestha and several of his colleagues at Coca-Cola bottler Haad Thip (HTC TB - US$193 million).The company is the exclusive producer and distributor of Coca-Cola products across Thailand’s 14 Southernmost provinces.The stock has performed beautifully over time, though sideways since 2021. It trades at a 9.6x P/E ratio and a 6.4% dividend yield.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swire-pacific-ltd-cl-a" target="_blank" data-smartkarma-citation="entities:10433:1" rel="noopener"><strong>Swire Pacific (A) (19 HK)</strong></a> is proposing the spin-off and separate listing on the SET of non-wholly-owned ThaiNamthip Corporation Limited, a Coca-Cola franchise operator in Thailand, Cambodia and Laos.</li>
<li>On the 30th September, Swire completed the 55.7% acquisition for THB42,615.7mn (HK$9,470.1mn). ThaiNamthip concurrently sought to acquire a 30% stake in Swire Coca-Cola’s operations in Vietnam and Cambodia for HK$2,114.6mn.</li>
<li>At the time of the acquisition, ThaiNamthip had an extrapolative price tag of ~HK$17bn. Should the proposed spin-off complete, ThaiNamthip will remain a non-wholly owned subsidiary of Swire.</li>
</ul>



Swire Pacific (A) (19 HK) is proposing the spin-off and separate listing on the SET of non-wholly-owned ThaiNamthip Corporation Limited, a Coca-Cola franchise operator in Thailand, Cambodia and Laos.
On the 30th September, Swire completed the 55.7% acquisition for THB42,615.7mn (HK$9,470.1mn). ThaiNamthip concurrently sought to acquire a 30% stake in Swire Coca-Cola’s operations in Vietnam and Cambodia for HK$2,114.6mn.
At the time of the acquisition, ThaiNamthip had an extrapolative price tag of ~HK$17bn. Should the proposed spin-off complete, ThaiNamthip will remain a non-wholly owned subsidiary of Swire.


Swire Pac (19 HK): Thai Beverage Spin-Off

Thailand

Haad Thip Public Company Limited manufactures and distributes soft drinks. The Company produces sparkling beverages and drinking water. Haad Thip serves customers in Thailand.

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Haad Thip (HTC TB)

HAAD THIP Plc. (HTC): 3Q25 Profit Resilient Despite Soft Market

HTC reported 3Q25 net profit of Bt131mn, up 1% YoY as promotional activities helped lift revenue amidst softening market and profitability improved.

Krungthai XSpring

HAAD THIP Plc. (HTC): Resilient Dividend Play Amid Economic Volatility

We initiate coverage on HTC with an Outperform rating. The fair value of HTC is derived from 12-month forward earnings estimates, discounted at a...

Krungthai XSpring

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 Meeting (HTC TB)

Steady performance but the higher sugar tax is a near-term headwind. Last week, I had the great pleasure of meeting with Chief Financial Officer...

Asian Century Stocks

Swire Pac (19 HK): Thai Beverage Spin-Off

Quantifying unlisted operations is positive. However, unless ThaiNamthip's valuation surprises to the upside, its listing impact may be limited....

David Blennerhassett

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