ThaiBev says no KFC sale process as bank assesses value
ThaiBev says a targeted bank review is valuing its KFC portfolio after its estate grew from 240 to 561 outlets, with no formal sale process begun
- ThaiBev has officially denied that it has begun a formal process to sell its KFC franchise business in Thailand, countering recent speculation.
- The company has engaged a bank to conduct a study on the current value of its KFC portfolio, not to explore a sale.
- A company director described the valuation as a normal investment discipline to understand the value created since acquiring the business in 2017, which has since more than doubled in size.
Thai Beverage Public Company Limited (ThaiBev) has not begun a formal process to sell its KFC franchise business in Thailand, according to Panote Sirivadhanabhakdi, a ThaiBev director and Group Chief Executive Officer and Executive Director of Frasers Property Limited.
His comments followed reports in July 2026 that Bank of America had been asked to explore a possible disposal of the business. Panote said management had instead sought approval for a targeted bank study to determine the portfolio’s current value after nine years of expansion.
“There may have been considerable speculation, but what we actually want to understand is the value we have created for KFC,” he said.
Banks routinely present opportunities to buy or sell assets, Panote explained, adding that any asset could in principle be sold at the right price. The immediate objective, however, was to establish how much value ThaiBev had created and how that should be assessed.
KFC estate more than doubles in nine years
ThaiBev subsidiary The QSR of Asia Company Limited (QSA) spent 11.4 billion baht to acquire 240 KFC outlets in 2017. The portfolio had grown to 561 outlets by March 31, 2026.
Panote said the assessment formed part of normal investment discipline rather than preparations for an announced sale.
“After a certain period, we need to reassess the returns and be ready to answer shareholders’ questions,” he said. “What we want to know is how the business is valued now compared with when we acquired it.”
Thapana Sirivadhanabhakdi, ThaiBev Group Chief Executive Officer, and other members of the new management generation had participated in discussions and the decision-making process, Panote added.
He said the bank’s assessment also reflected financial institutions’ confidence in Thailand’s food-service sector. Revenue-generating platforms with transparent and auditable operating systems remained capable of attracting investment, he said.
Three franchisees cover all 77 provinces
QSA is one of three companies operating KFC franchises in Thailand:
- Central Restaurants Group Company Limited (CRG), part of Central Group, introduced KFC to Thailand and opened its first outlet at CentralPlaza Ladprao. KFC remains an important contributor to CRG’s revenue and profit.
- Restaurants Development Company Limited (RD) operates primarily in southern Thailand and reported continuing losses from 2018 to 2025.
- The QSR of Asia Company Limited has operated KFC outlets for more than nine years and recorded growth in both revenue and profit.
Outlet totals continue to change as the franchisees expand. CRG operated 350 KFC restaurants as of June 30, 2026, while QSA had 561 as of March 31.
KFC Thailand announced in March 2026 that it had opened restaurants in all 77 provinces, reaching 1,226 outlets nationwide after operating in the country for 41 years.
Mae Hong Son was the final province added to the network. QSA spent one to two years studying the outlet’s feasibility and adjusted its logistics, shipment sizes and food-preservation methods to supply the province along a route known for its 1,864 bends.
Industry estimates put Thailand’s fried-chicken restaurant market at about 30 billion baht, with KFC holding the leading position.
KFC drives ThaiBev food growth
ThaiBev reported sales revenue of 254.040 billion baht for the nine months ending June 30, 2026, down 1.8% from the corresponding period a year earlier. Earnings before interest, tax, depreciation and amortisation rose by 7.2% to 48.288 billion baht.
Food-business revenue increased by 3% to 17.059 billion baht. ThaiBev identified improved performance in its quick-service restaurant operations, principally KFC, as an important driver despite cautious consumer spending and economic uncertainty.
The food division’s EBITDA rose by 6.7% to 1.683 billion baht, mainly because of a higher share of profit from associated companies.
QSA generated revenue of more than 11.2 billion baht in 2025, an increase of 5.26%, while net profit climbed by 9.66% to more than 441 million baht.
KFC accounts for more than half of ThaiBev’s food-business revenue, even though the group operates about 30 restaurant brands. Its continued profitability has made the franchise a major part of a food portfolio that has otherwise experienced fluctuations between profit and loss.
The valuation is taking place as QSA approaches the end of an almost 10-year franchise term, with expansion or renewal under consideration and the possibility of higher fees payable to the franchisor also in focus.
