Operates as a manufacturer and distributor of canned fruit products, UHT and pasteurized fruit juices under the "Malee" brand, and produces and distributes UHT and pasteurized milk under the "Farm Chokchai" brand, as well as other beverage products. In addition, the company engages in Contract Manufacturing Business (CMG), in which the Company produces beverage products under contracts for customers.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 3,834.53 | 4,400.83 | 8,496.22 | 7,943.90 |
| Expenses | 3,599.47 | 4,071.22 | 8,019.99 | 7,725.75 |
| Net Profit (Loss) | 151.96 | 223.54 | 308.15 | 80.13 |
| Assets | 5,517.17 | 5,500.12 | 5,407.83 | 5,536.92 |
| Liabilities | 3,005.58 | 3,143.46 | 2,975.01 | 3,423.36 |
| Shareholders' Equity | 2,437.74 | 2,267.37 | 2,348.71 | 2,040.14 |
| Operating | 42.97 | 349.13 | 378.65 | 431.24 |
| Investing | -31.82 | -62.72 | -63.21 | -112.77 |
| Financing | 26.84 | -337.29 | -425.84 | -95.74 |
| EPS (Baht) | 0.28 | 0.41 | 0.56 | 0.15 |
| GP Margin (%) | 20.33 | 19.84 | 19.32 | 16.31 |
| NP Margin (%) | 3.82 | 5.42 | 3.78 | 0.71 |
| D/E Ratio (x) | 1.20 | 1.33 | 1.22 | 1.62 |
| ROE (%) | 10.06 | 13.71 | 14.04 | 4.64 |
| ROA (%) | 7.09 | 8.21 | 8.76 | 3.70 |
The company is aligning its product portfolio with health and wellness trends to strengthen its business foundation for the next three years. It is diversifying risks from global economic volatility by expanding into markets such as China, South Korea, the Middle East, and Indonesia. The company aims to maintain gross margin through operational efficiency and cost management, including production, operations, and marketing expenses. For the Thai-Cambodia border situation, long-term strategies are in place to mitigate supply chain and logistics impacts and reduce risk by expanding to other markets.
Growth will focus on branded products with high margins, expanding domestic channels—especially online and Food Service and Malee COCO distribution. The company continues to expand distribution both locally and internationally to meet rising demand for healthy beverages. It targets 2–3 new products (NPD) annually beyond fruit and vegetable juices.
Meanwhile, the Contract Manufacturing Group (CMG) remains strong, with consistent demand across categories, reflecting the company’s quality and capability to serve leading global, regional, and Thai brands as a trusted partner.
For 2026–2028, the company targets 10–15% CAGR through:
- Increasing branded business share to 55% by 2028 via new channels and international expansion.
- Launching 2–3 new products annually beyond fruit and vegetable juices.
- Maintaining CMG as the “Partner of Choice” for comprehensive, diversified manufacturing.
- Leveraging Malee Applied Science (MAS) to create a “New S-Curve” through advanced research and technology.
New product launch
In April 2025, a new product was launched “Malee Power Plants” Fruit and vegetable juice with "Innogut" innovation, containing both prebiotics and postbiotics, helps restore the balance of intestinal microorganisms.
In Q2/2025, the Group recorded total operating revenue of THB 2,003.9 million, decreased by THB 176.3 million or 8.1% YoY, and net profit attributable to the major shareholders of THB 81.1 million, decreased by THB 20.3 million or 20% YoY, mainly due to the slowdown in the sales of fruit juice, dairy, and canned fruit products, as well as the decrease in CMG revenue both domestically and internationally, partly offset by continued growth in sales of the domestic branded coconut water products, increased orders from other dairy product customers, increase in revenue from new customers in the ready-to-drink canned coffee business, and the expansion of coconut water sales in international markets.
“Malee Power Plants,” a fruit and vegetable juice from Malee with INNOGUTZ innovation, has been selected as a finalist at SIAL Shanghai 2025, the largest international food and beverage exhibition in Asia. This reflects the development of innovative health drinks for Thai people and the readiness to take the Thai brand to a global level.
Risk from fluctuations in raw material volume and price - Advance planning remains the main strategy in raw material procurement, ensuring the best raw materials are fed into the production process. Working closely with farmers and various producers provides the company with information to help in making advance purchase decisions and adapting to problems. Developing alternative raw material sources will further enhance risk management. The company has continuously implemented all aspects in an interconnected manner to ensure smooth business operations under volatile raw material supply conditions.
Exchange Rate Risk - The company is at risk from exporting goods due to exchange rate fluctuations affecting higher product prices. To mitigate exchange rate risk, the company manages risk by selling most exported goods in Thai baht. The rest is managed by balancing income and expenses in foreign currencies (Natural Hedge). Therefore, the company has exchange rate risk at a manageable level.
Risk from dependence on contract manufacturing customers - The company diversifies its risk across both customers and products to create income balance and stability. By diversifying into various product types, the company provides services to customers in various formats as required, from formula development and production processes to developing marketable products. There are continuous discussions on operational approaches with partners to ensure clear long-term mutual goals and benefits, build trust and confidence in product quality. Coupled with close coordination between the company and partners in continuously developing new products, the chances of the company losing partners due to contract cancellations or non-renewals are reduced, and the company can negotiate for appropriate returns.
Malee Group has achieved a perfect score of 100 in the AGM Checklist assessment for the Annual General Meeting of Shareholders for the year 2025, marking the sixth consecutive year of this accomplishment from the Thai Investors Association. This achievement reflects the company’s strong commitment to Good Corporate Governance principles and its ongoing efforts to maintain transparency in communication with shareholders.
| as of 30/06/25 | MALEE | FOOD | SET |
|---|---|---|---|
| P/E (X) | 11.90 | 9.89 | 14.76 |
| P/BV (X) | 1.26 | 1.12 | 1.03 |
| Dividend yield (%) | 1.79 | 5.23 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 3,056.10 | 5,102.59 | 5,675.61 |
| Price (B/Share) | 5.60 | 9.35 | 10.40 |
| P/E (X) | 11.90 | 15.28 | - |
| P/BV (X) | 1.26 | 2.21 | 2.94 |
