Chao Sua Foods Industry Public Company Limited (“CHAO”) is engaged in the production and distribution of snacks and processed meat products under the “Chao Sua” and “Wholesome” brands, with a strong focus on quality, taste, and modern packaging. Its main products are divided into two categories: Snacks (e.g., crispy rice crackers, pork sticks) and Ready-to-eat products (e.g., shredded pork, Chinese sausage). The company’s distribution channels cover modern trade, traditional trade, exports, and other platforms, ensuring comprehensive access to consumers both domestically and internationally.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 675.46 | 693.41 | 1,593.26 | 1,511.07 |
| Expenses | 655.94 | 623.01 | 1,433.03 | 1,322.77 |
| Net Profit (Loss) | 13.35 | 59.79 | 133.42 | 161.61 |
| Assets | 1,299.44 | 777.95 | 1,327.83 | 870.16 |
| Liabilities | 298.18 | 360.63 | 293.99 | 272.33 |
| Shareholders' Equity | 1,001.26 | 417.32 | 1,033.84 | 597.83 |
| Operating | 11.10 | 67.07 | 185.89 | 239.48 |
| Investing | -441.32 | -33.68 | -89.05 | -48.43 |
| Financing | -49.66 | -112.60 | 294.91 | -274.74 |
| EPS (Baht) | 0.05 | 0.24 | 0.48 | 0.64 |
| GP Margin (%) | 33.79 | 37.22 | 36.46 | 37.87 |
| NP Margin (%) | 1.98 | 8.62 | 8.40 | 10.70 |
| D/E Ratio (x) | 0.30 | 0.86 | 0.28 | 0.46 |
| ROE (%) | 9.82 | 38.98 | 16.35 | 27.03 |
| ROA (%) | 7.57 | 20.91 | 14.58 | 21.64 |
The company has outlined four key strategies to enhance its competitiveness both domestically and internationally:
- Marketing Excellence – Strengthen brand awareness to become top-of-mind for consumers, while modernizing and refreshing the brand image.
- Product Innovation and Diversity – Continuously launch 15–20 new products (NPDs) annually, expanding into healthy snacks and other high-potential categories.
- Strengthening Distribution Channels – Enhance Modern Trade and Traditional Trade channels, while expanding online platforms.
- International Expansion – Drive the brand into global markets under the concept of “Better for You Snack”, while strengthening its presence in emerging markets, including Halal countries.
The company prioritizes sustainable business operations, alongside caring for employees, communities, and society through various activities, including:
- Employee morale-boosting activities, such as merit-making, alms-giving, and presenting gifts during the Songkran festival.
- Support for education and communities, such as providing scholarships and school lunch programs.
- Promotion of health and safety, such as supporting water stations during festivals and organizing blood donation drives.
- Collaboration with government agencies and charitable organizations to support important community initiatives.
The Company holds a leading market position in Thailand in the rice cracker and meat snack categories, with a 79% market share in rice crackers and 62% in meat snacks, reflecting consumer confidence and brand strength.
Operating income In Q2 2025 The company had total revenue of 340.2 million Baht, a slight decrease of 0.8% YoY from a high base last year, particularly in the Chinese market where significant promotional activities were held in the previous year. New products in China are expected to recognize revenue in Q3/2025, unlike the previous year when revenue was recognized from Q1/2024. However, compared to Q1/2025, revenue increased by 5.2% QoQ due to two main factors: (1) increased domestic sales from adjusting the wholesale distribution model and expanding new retail channels, and (2) increased international sales, especially in the US market for grain-based snacks and the expansion of the Asian Super Market Chain network with over 100 branches.
Gross profit was 115.0 million Baht, a decrease of 11.2% YoY due to higher raw material costs, particularly pork prices, and the impact of exchange rate fluctuations. However, compared to Q1/2025, it increased by 5.4% QoQ in line with the growth in both domestic and international revenue.
Net profit was 1.7 million Baht, a decrease of 95.0% YoY and 85.6% QoQ, primarily due to (1) higher raw material costs, (2) the appreciation of the Thai Baht, and (3) increased marketing expenses to support future sales.
- Launched two new innovative flavors – Crispy Rice Cracker with Shredded Pork & Spicy Crab Paste and Crispy Rice Cracker with Shrimp – to create product differentiation and expand the consumer base.
- Successfully transitioned the business model to Direct-to-Wholesaler, enhancing distribution efficiency and supply chain control.
- Formed a strategic collaboration with Taokaenoi (TKN) to co-develop new products (new SKUs to be launched in Q4/2025) and strengthen the Traditional Trade channel.
Risk from Raw Material Price Fluctuations The Group recognizes the risk from fluctuations in pork prices, which is a key raw material, and has adopted the following risk management approaches:
- Price Monitoring and Analysis – Closely monitor pork price trends and fluctuations using market data and information from relevant agencies to support forecasting and purchasing decisions.
- Raw Material Sourcing and Cost Management – Plan pork procurement in appropriate volumes sufficient for production, while comparing purchasing terms across multiple suppliers to reduce dependence on any single supplier and control costs effectively.
- Product Pricing – Incorporate raw material price fluctuations into sales pricing decisions, allowing flexibility to absorb volatility without immediate price changes, thereby maintaining competitiveness and minimizing consumer impact.
- New Product Development and Risk Diversification – Develop new products from alternative raw materials such as beans, grains, and other meats, focusing on high-margin and high-growth segments to reduce reliance on pork and diversify the product portfolio.
1. Thailand’s Most Admired Brand 2025 in the “Consumer Products” category, “Thai Snack” group 2. Superbrands Thailand Awards 2024
| as of 30/06/25 | CHAO | FOOD | SET |
|---|---|---|---|
| P/E (X) | 12.37 | 9.89 | 14.76 |
| P/BV (X) | 1.40 | 1.12 | 1.03 |
| Dividend yield (%) | 3.47 | 5.23 | 4.39 |
| 30/06/25 | 30/12/24 | - | |
|---|---|---|---|
| Market Cap (MB) | 1,470.00 | 1,995.00 | N/A |
| Price (B/Share) | 4.90 | 6.65 | N/A |
| P/E (X) | 12.37 | 12.67 | N/A |
| P/BV (X) | 1.40 | 1.97 | N/A |