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,” focusing on quality, taste, and modern packaging. The main products are divided into 2 groups: snacks (e.g., crispy 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.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 1,433.38 | 1,593.26 | 1,511.07 | |
| Expenses | 1,343.77 | 1,433.03 | 1,322.77 | |
| Net Profit (Loss) | 70.33 | 133.42 | 161.61 |
| Assets | 1,421.07 | 1,327.83 | 870.16 | |
| Liabilities | 374.76 | 293.99 | 272.33 | |
| Shareholders' Equity | 1,044.53 | 1,033.84 | 597.83 |
| Operating | 102.62 | 185.89 | 239.48 | |
| Investing | -476.80 | -89.05 | -48.43 | |
| Financing | -58.99 | 294.91 | -274.74 |
| EPS (Baht) | 0.23 | 0.48 | 0.64 | |
| GP Margin (%) | 35.68 | 36.46 | 37.87 | |
| NP Margin (%) | 4.81 | 8.40 | 10.70 | |
| D/E Ratio (x) | 0.36 | 0.28 | 0.46 | |
| ROE (%) | 6.77 | 16.35 | 27.03 | |
| ROA (%) | 6.52 | 14.58 | 21.64 |
The company plans to drive its business under 4 key strategies to enhance competitive capabilities both domestically and internationally, as follows:
- Marketing Excellence Increase brand awareness to be top-of-mind for consumers. Modernize and enhance brand image to be appealing.
- Innovation and Product Diversity Continuously launch 15-20 new products (NPDs) annually, expanding into healthy snacks and high-potential categories.
- Strengthen Distribution Channels Develop Modern Trade and Traditional Trade channels and expand online channels.
- Expand into International Markets Drive the brand into the global market under the concept of “Better for You Snack,” while also strengthening its presence in new markets, including Halal countries.
The Company prioritizes supporting society and local communities through various CSR activities. Key initiatives include:
• Supported products for over 250 scholarship students at Sawang Metta Thammasathan Foundation.
• Donated rice, drinking water, and cash to the “Love to Give, Like to Share” charity project.
• Provided drinking water and utility support for community activities at Wat Mai Ban Don, Nakhon Ratchasima.
• Delivered products and drinking water to assist flood victims in Songkhla Province.
• Supported products and drinking water for refugees affected by unrest along the border.
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 60% for meat snacks, reflecting consumer confidence and the strength of its brand.
Operating Revenue In 2025, the company's operating revenue was 1,415.6 million baht, a decrease of 9.7% from the previous year. This was due to a decline in domestic sales reflecting the economic slowdown and weakened consumer purchasing power, as well as a decrease in international sales compared to the high base in 2024, which was driven by large-scale promotional activities in the Chinese market.
Gross Profit is at 505.1 million baht, a decrease of 11.6% from the previous year, due to a decline in both domestic and international sales, especially in the Chinese market which had a high sales base in the previous year. This resulted in a gross profit margin of 35.7%.
Net Profit In 2025, the company reported a net profit of 68.9 million baht, a decrease of 48.3% from the previous year. This is consistent with the decline in operating revenue compared to 2024, which had a high sales base in international markets, particularly China, due to large-scale promotional activities. However, the company continues to focus on efficient cost management and expense control to maintain long-term profitability.
• The Company received the Superbrands Thailand 2025 award for the fourth consecutive year, reflecting the strength of the “Jaosua” brand and strong consumer confidence in its product quality and brand identity.
• The Company received the Supplier Sustain Award 2025 at the Makro HoReCa event, reflecting its capability in sustainable supply chain management and its commitment to operating in line with Environmental, Social, and Governance (ESG) principles.
• The Company launched a new product, “Khao Tang Na Lon,” to strengthen its snack portfolio while addressing consumer demand for products that offer both great taste and nutritional value.
The Group recognizes the risks associated with new product development and business strategies that may not align with market demands and evolving consumer behavior. To mitigate these risks, the Group has established the following risk management guidelines:
• Develop annual strategic and product development plans to align product direction with market trends and the Company’s strategy.
• Conduct concept testing and evaluate product design suitability before entering the development and commercialization stages.
• Study consumer behavior and gather feedback from customers and business partners to enhance product development and ensure market relevance.
• Assess raw material readiness and product potential prior to product launch to improve the likelihood of market success.
1. Thailand’s Most Admired Brand 2025 in the 'Consumer Products' category, 'Thai Snacks' Group 2. Superbrands Thailand Awards 2025 3. Supplier Sustain Award 2025 in the 'Snack Products' and 'Ready-to-Eat Processed Foods' groups
| as of 30/12/25 | CHAO | FOOD | SET |
|---|---|---|---|
| P/E (X) | 30.43 | 9.66 | 15.44 |
| P/BV (X) | 1.33 | 1.19 | 1.19 |
| Dividend yield (%) | 3.80 | 5.19 | 3.71 |
| 30/12/25 | 30/12/24 | - | |
|---|---|---|---|
| Market Cap (MB) | 1,350.00 | 1,995.00 | N/A |
| Price (B/Share) | 4.50 | 6.65 | N/A |
| P/E (X) | 30.43 | 12.67 | N/A |
| P/BV (X) | 1.33 | 1.97 | N/A |
