Chao Sua Foods Industry Public Company Limited (“CHAO”) operates a business producing and distributing snacks and processed meat products under the brands “Chao Sua” and “Wholesome,” with a focus on quality, taste, and modern packaging. The main products are divided into two groups: Snacks (e.g., rice crackers, pork sticks) and Ready-to-eat meals (e.g., shredded pork, Chinese sausage), with distribution channels covering modern retail and wholesale stores, traditional retail stores, exports, and other channels, to comprehensively serve all consumer groups, both domestically and internationally.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 1,020.30 | 1,151.31 | 1,593.26 | 1,511.07 |
| Expenses | 987.73 | 1,016.32 | 1,433.03 | 1,322.77 |
| Net Profit (Loss) | 24.15 | 113.45 | 133.42 | 161.61 |
| Assets | 1,345.58 | 1,285.13 | 1,327.83 | 870.16 |
| Liabilities | 334.59 | 272.27 | 293.99 | 272.33 |
| Shareholders' Equity | 1,009.12 | 1,012.86 | 1,033.84 | 597.83 |
| Operating | 50.88 | 148.96 | 185.89 | 239.48 |
| Investing | -479.95 | -59.05 | -89.05 | -48.43 |
| Financing | -51.32 | 295.90 | 294.91 | -274.74 |
| EPS (Baht) | 0.08 | 0.42 | 0.48 | 0.64 |
| GP Margin (%) | 34.36 | 37.38 | 36.46 | 37.87 |
| NP Margin (%) | 2.24 | 9.85 | 8.40 | 10.70 |
| D/E Ratio (x) | 0.33 | 0.27 | 0.28 | 0.46 |
| ROE (%) | 4.36 | 15.22 | 16.35 | 27.03 |
| ROA (%) | 4.39 | 14.20 | 14.58 | 21.64 |
The company plans to drive its business under 4 key strategies to enhance its competitive capability both domestically and internationally, as follows:
- Marketing excellence Increase brand awareness to be top-of-mind for consumers, update the brand image to be modern and appealing
- Innovation and product diversity Continuously launch 15-20 NPDs per year, expanding into healthy snacks and high-potential categories
- Strengthen distribution channels Develop Modern Trade and Traditional Trade channels and expand online channels
- Expand markets internationally Drive the brand into the global market under the "Better for You Snack" concept, while strengthening its presence in new markets, including Halal countries
The company promotes sustainable operations in conjunction with community welfare through volunteer activities and assistance to those affected by border situations. In Q3 2025, the company undertook activities such as:
- Provided products and drinking water to local agencies for assisting displaced persons.
- Organized employee blood donation activities to increase blood reserves.
- Supported rescue units and local foundations in assisting victims of emergencies.
The Company maintains market leadership in Thailand in the rice cracker and meat snack categories, with a market share of 79% for rice crackers and 62% for meat snacks, reflecting consumer confidence and brand strength.
Operating income In Q3 2025, the company reported operating income of 341.3 million baht, an increase of 0.3% YoY, driven by growing international sales, particularly in the US and Europe due to expanded distribution channels, and a decrease of 24.8% QoQ.
Gross profit amounted to 121.1 million baht, an increase of 5.3% QoQ due to the recovery of international sales and improved production efficiency. However, it still decreased by 29.1% YoY due to lower international sales compared to a high base in the previous year, resulting in a gross profit margin of 35.5%.
Net profit amounted to 9.5 million baht, an increase of 403.3% QoQ due to improved international sales in the US and Europe, as well as more efficient cost management. Meanwhile, net profit still decreased by 82.4% YoY due to a high profit base in the previous year from significantly increased sales in the Chinese market, driven by large-scale promotional activities. Nevertheless, the company was able to return to significant profitability this quarter, reflecting the recovery of international markets and improved cost management.
In Q3 2025, the company participated in Anuga 2025 in Germany to present the Modern Thai Snack concept and expand opportunities into the European market, aiming to increase the proportion of international revenue to 35% by 2028. Furthermore, it continued its collaboration with Makro in developing new products, which helped strengthen its B2B customer base. Additionally, the company launched “ Crispy Rice Cracker with Shredded Shrimp Floss and Pad Thai Sauce” to penetrate the Chinese market, which received a positive response and created opportunities for further expansion into the global market in the future.
Risk of labor shortage and fluctuations in labor costs. The Group recognizes the risks associated with a declining labor pool in the market, potential increases in labor costs, and fluctuations in labor conditions. Therefore, it implements the following management approaches:
- Develop Automation: Increase automation in production and warehousing processes to reduce reliance on labor and control costs.
- Workforce planning through S&OP: Coordinate between production, warehouse, and sales departments to allocate labor appropriately according to production plans.
- Enhance employee skills and flexibility: Promote multi-skilling to support diverse tasks
- Recruit replacement labor: Utilize online channels and internal networks for continuous workforce reinforcement.
1. Thailand’s Most Admired Brand 2025 in the Consumer Products category, Thai Snacks group 2. Superbrands Thailand Awards 2024 3. Supplier Sustain Award 2025 in the Confectionery Products group and Ready-to-Eat Processed Foods group
| as of 30/09/25 | CHAO | FOOD | SET |
|---|---|---|---|
| P/E (X) | 15.35 | 10.01 | 16.67 |
| P/BV (X) | 1.35 | 1.28 | 1.21 |
| Dividend yield (%) | 3.80 | 4.77 | 3.67 |
| 30/09/25 | 30/12/24 | - | |
|---|---|---|---|
| Market Cap (MB) | 1,344.00 | 1,995.00 | N/A |
| Price (B/Share) | 4.48 | 6.65 | N/A |
| P/E (X) | 15.35 | 12.67 | N/A |
| P/BV (X) | 1.35 | 1.97 | N/A |
