Forbes contributors publish independent expert analyses and insights. I write about Indian entrepreneurs.Jul 08, 2026, 05:44pm EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Sathien SathienthamWarach Pattayanan/Forbes ThailandThis story is part of Forbes’ coverage of Thailand’s Richest 2026. See the full list here.Border tensions with Cambodia took a toll on Thai energy drink maker Carabao Group, which sells in more than 40 countries but derives nearly 40% of its export revenue from the bloc referred to as CLMV, or Cambodia, Laos, Myanmar and Vietnam. For 2025 the company reported an 18% drop in net profit to 2.3 billion baht ($70 million) on a 3% decline in sales to 11.8 billion baht, mainly due to a slide in exports, a trend that continued into the first quarter of this year. To offset the decline, Carabao ramped up marketing on its home turf. It also opened a new factory in Myanmar in September and is wooing consumers in Vietnam by sponsoring professional football clubs.In a May report, research analyst Wetid Tangjindakun at KGI Securities in Bangkok says, “management is working to rebuild earnings growth following the loss of sales in Cambodia…but near-term earnings remain pressured by rising (aluminum and gas) costs.” While shares of the company are down 23% over the past year, the net worths of cofounders Sathien Sathientham and Nutchamai Thanombooncharoen are up 8% and 6%, respectively, thanks to robust growth in their CJ Express supermarket chain, which has rolled out new stores and deployed AI to manage its supply chain.