Sector Insight

1. Update on Q1/2026: Positive business growth amid rising prices

     Except for the sugar sector, which recorded a decline in business results due to unfavorable sugar prices, other industries experienced strong growth in both revenue and profit. Global political instability led to sharp increases in the prices of many raw materials and commodities.

2. Outlook for 2026 

• Sugar sector: Sugar prices rose in the short term due to macroeconomic instability; though the forecast of oversupply in the market this year will curb long-term growth.
• Beer sector: Beer production recovered in Q1, and FIFA World Cup is expected to support consumption this year; however, high aluminum prices are a factor to keep an eye on.
• Dairy sector: Production volume increased in Q1, and import values ​​also increased sharply amidst rising milk powder prices.
• Meat sector: Hog prices showed corrections recently after a sharp increase in Q4/2025 and are expected to stabilize as the ASF disease is under control, and demand is forecast to continue growing, especially for high-quality, branded products.

3. Investment opportunities: SAB, VNM & MSN