Amid pressure from earnings performance and declining stock prices, MALEE faces challenges. Malee Group Public Company Limited, or MALEE, a leading Thai producer and distributor of juice, canned fruit, and the "Malee" brand beverages, is confronting a major challenge to regain investor confidence.
In 2025, net profit plunged nearly 36% due to slower sales and special items, while the stock price dropped over 30% in the past year, reflecting fundamental pressures and a market outlook that has yet to fully recover.
Nevertheless, MALEE has begun a significant strategic move by launching “Malee Applied Sciences (MAS),” positioned as a spearhead for innovation targeting global health and beauty trends.
They aim to restructure revenue and drive growth back to 9-12% by 2026, with hopes of elevating the company into a Global Well-being Company and seriously expanding into international markets.
MALEE is facing a critical challenge after 2025 results were impacted by external factors and special items, resulting in a sharp decline in net profit and reflecting in the stock price, where investors holding shares for the past year have faced losses exceeding 30%.
Reviewing MALEE's financials over the past five years (2021-2025) reveals the following details:
For 2025, MALEE's total sales and service revenue was 7,848.3 million baht, down 7.2% from the previous year. Net profit attributable to shareholders was 197.4 million baht, a 35.9% decrease year-on-year.
The main causes were lower sales in the OEM product group and dairy products domestically and abroad, notably impacted by the Thailand-Cambodia border conflict and a slowdown in juice sales in Vietnam.
Additionally, a one-time inventory impairment provision of 128.4 million baht was recorded; excluding this item, adjusted net profit would be 325.8 million baht.
This weaker performance has pressured MALEE's stock price, which has continuously declined. As of the closing price on 1 April 2026:
Ekarin Phinit, CEO of MALEE, said the recent stock price fluctuations partly stem from broader uncertainties and volatility in the Thai stock market, causing the company's share price to move in line with market conditions.
He added the company is confident that with strengthened fundamentals and clear future plans, the stock price will better reflect underlying value and improve. Malee Applied Sciences (MAS) will be the "secret weapon" to enhance strength and differentiate from competitors,
shifting the product portfolio to align with future global trends focused on longevity and health, leveraging MAS innovations to sustainably grow the business.
Ekarin revealed that currently the company's revenue structure depends 66% on OEM business and 33% on own-brand business, with 66% domestic revenue and 34% international.
The company sees significant opportunities to expand overseas, focusing on high-potential markets and increasing the own-brand revenue share to 55% by 2028, targeting 9-12% revenue growth in 2026.
The new strategic plan shifts the company from a juice producer focused on refreshment to a "Global Well-being Company," aligning with global megatrends of health and longevity.
This year, the company plans to continuously develop new health-oriented products, launching 2-3 new items annually, with several releases planned for the second half of 2026, where MAS will be the growth engine.
Dr. Supakiat Kambuthong, Managing Director of MAS, stated that MAS creates deep innovations using biotechnology and nanotechnology, including encapsulation and targeted delivery systems that precisely deliver active ingredients at the cellular level.
MAS has successfully commercialized 12 delivery technologies for the skincare and beauty industry and will continue developing new products.
Ruengrat Wongsuwanlert, Senior Vice President of MALEE, said MAS focuses on B2B marketing, providing innovations to manufacturers, industrial factories, and brand owners, highlighted by custom delivery system design and development to create partner differentiation.
Marketing strategy includes expanding the domestic market through networks of innovative raw material distributors to offer advanced solutions to skincare and supplement manufacturers nationwide (B2B), alongside continuous industrial client base expansion.
Additionally, a new service for designing and developing brand-specific delivery systems using advanced encapsulation technology supports partners in creating unique innovations.
The company is also aggressively pursuing international markets, focusing on brand awareness and expanding exports to strategic markets such as Europe, Japan, and South Korea.
From analysts at Krungsri Securities Public Company Limited, the view on MALEE is that although Q4/2025 profit remains low due to special provisions, core revenue is stabilizing from domestic recovery.
They project normalized profit in 2026 at 308 million baht, a 4% increase year-on-year, expecting revenue and gross margin improvements from lower raw material costs despite higher expenses from international market expansion.
They maintain a "buy" recommendation with a 2026 target price of 5.60 baht per share (based on a P/E of 10 times), representing a 30% upside from current prices, viewing the stock as having undergone significant correction.
The long-term business plan focusing on a health product portfolio and efforts to open foreign coconut water brand markets are notable trends with good growth prospects.
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