Thai Ha PCL KASET

kasetbrand.co.th Thai Ha PCL (SET: KASET) is a Thai public company founded 1993, listed since 2005, exporting jasmine rice, mung bean noodles, and snacks (brands KASET, SMART CHEF, IMPERIAL TASTE) to 80+ countries — the US is its largest market (902+ shipments, active as of Oct 2026). Core assets: a rice mill in Nakhon Pathom (100K tons/yr capacity) and a noodle factory in Nakhon Sawan; certified BRC Grade A+, US FDA, Halal, KOSHER, SMETA. The family Tangpiroonthum controls ~42% via Cheer Group Holdings, CEO Somroek Tangpiroonthum in place since 2004. But financially it's been bleeding: revenue fell from ฿611M (2020) to ฿302M (2025), six consecutive years of losses totaling ~฿330M, negative operating cash flow, debt/equity ~143%. A turnaround plan launched in 2024 — including halving par value (฿1.00→฿0.50) to wipe ~฿139M accumulated deficit — is narrowing losses (Q2 2026 −66% YoY) but the company is still unprofitable.