Oishi Group (OISHI)
Oishi Group is a subsidiary of Thai Beverage (ThaiBev) operating Japanese restaurant and food-service brands in Thailand, including Oishi Grand, Oishi Ramen, Shabushi, and Kakashi. The group also produces the Oishi green-tea ready-to-drink beverage line, one of Thailand's top-selling RTD tea brands. Oishi was listed on the Stock Exchange of Thailand under ticker OISHI but was subsequently delisted following ThaiBev's consolidation of food-and-beverage assets. The restaurant division competes directly in the Japanese casual-dining and shabu-shabu segments against ZEN Group and MK Restaurants. Beverage operations are integrated into ThaiBev's non-alcoholic beverage portfolio alongside est cola.
Profile overview
Oishi Group is a subsidiary of Thai Beverage (ThaiBev) operating Japanese restaurant and food-service brands in Thailand, including Oishi Grand, Oishi Ramen, Shabushi, and Kakashi. The group also produces the Oishi green-tea ready-to-drink beverage line, one of Thailand's top-selling RTD tea brands. Oishi was listed on the Stock Exchange of Thailand under ticker OISHI but was subsequently delisted following ThaiBev's consolidation of food-and-beverage assets. The restaurant division competes directly in the Japanese casual-dining and shabu-shabu segments against ZEN Group and MK Restaurants. Beverage operations are integrated into ThaiBev's non-alcoholic beverage portfolio alongside est cola.
Brand portfolio
Japanese dining
Oishi Grand and Oishi Ramen
Oishi Grand and Oishi Ramen are the flagship full-service Japanese restaurant formats offering sushi, ramen, and bento sets. These brands anchor Oishi's position in mall-based casual Japanese dining, competing directly with ZEN and MK's Japanese formats.
Shabu-shabu
Shabushi interactive dining
Shabushi is Oishi's conveyor-belt hot-pot and shabu-shabu format, positioned as affordable interactive dining for families and groups. Shabushi competes with MK Restaurants on the mainstream hot-pot format, a structurally large Thai dining preference.
Japanese fusion
Kakashi modern Japanese
Kakashi targets urban professionals seeking a slightly elevated Japanese casual-dining experience with a broader menu range. It is positioned above Oishi Ramen and Shabushi but below white-tablecloth Japanese fine-dining operators in Bangkok.
RTD beverages
Oishi green-tea drinks
Oishi green-tea ready-to-drink beverages are one of Thailand's top-selling RTD tea brands, distributed through ThaiBev's national beverage network alongside est cola. Beverage revenue provides recurring cash flow independent of restaurant foot traffic.
Peer comparison — Thai Japanese restaurant and hot-pot operators
Key operators in Thailand's Japanese-dining and hot-pot market
Ticker
Formerly SET:OISHI (delisted)
Primary format
Japanese multi-format, green tea RTD
Est. Thai outlets
200+
MK Restaurants
Ticker
SET:M
Primary format
Hot-pot, suki, Thai-Japanese hybrid
Est. Thai outlets
500+
Fuji Restaurant
Ticker
SET:FUJI
Primary format
Japanese set meals, teppanyaki
Est. Thai outlets
80+
Yayoi Restaurant
Ticker
Private (Japanese parent)
Primary format
Japanese teishoku set-meal
Est. Thai outlets
50+
| Entity | Ticker | Primary format | Est. Thai outlets |
|---|---|---|---|
| Oishi Group | Formerly SET:OISHI (delisted) | Japanese multi-format, green tea RTD | 200+ |
| MK Restaurants | SET:M | Hot-pot, suki, Thai-Japanese hybrid | 500+ |
| ZEN Group | SET:ZEN | Japanese casual dining, sushi, ramen | 100+ |
| Fuji Restaurant | SET:FUJI | Japanese set meals, teppanyaki | 80+ |
| Yayoi Restaurant | Private (Japanese parent) | Japanese teishoku set-meal | 50+ |
Watchpoints 2025-2026
Saturation
Japanese restaurant count contraction
JETRO 2025 data flagged the first contraction in Thai Japanese-restaurant count in 20 years, from approximately 6,000 to below that level. Oishi's mass-market formats must manage same-store sales under market saturation rather than simply opening new branches.
Competition
Hybrid and premium segment pressure
Both premium Japanese restaurants in Thonglor and cheaper hybrid Thai-Japanese casual operators are taking share from mid-market formats. Oishi's Shabushi competes directly with MK on the mass-casual hot-pot format where price competition is intense.
Beverage
RTD tea market growth
Oishi green-tea beverage performance is influenced by competition from Ichitan, Nestea, and imported Korean and Japanese RTD teas. ThaiBev's distribution scale is the key advantage, but flavour premiumisation and health-positioning are increasingly important shelf differentiators.
Source-pack context
Oishi Group (OISHI) is linked to existing Insight report coverage through tracked source packs. The cited sources provide the current evidence trail for market context, regulatory exposure, operator positioning, or sector structure; exact numeric claims should still be checked against raw snapshots before being surfaced as headline metrics.[, , ]
Deep operating read
Oishi Group is a ThaiBev-affiliated Japanese restaurant and beverage operator with multi-format exposure, including Oishi Grand, Oishi Ramen, Shabushi, Kakashi and green-tea beverages. The report places Oishi at the top of the Thai Japanese-restaurant operator list and sizes the market around THB 30-45B annually with roughly 6,000-8,000 Japanese-style restaurants nationwide. Its operating advantage is brand portfolio breadth across mass-market Japanese dining and beverage distribution, not only one restaurant format. JETRO's survey evidence makes outlet-count trajectory and Bangkok / upcountry split central to the category read.[, , ]
Execution watchpoints
The key watchpoint is saturation: Nation coverage of JETRO 2025 data flags the first contraction in Japanese-restaurant count in 20 years. Oishi's mass-market formats have to defend against both premium Thonglor / Sukhumvit clustering and cheaper hybrid Japanese-Thai operators. ThaiBev ownership provides capital and distribution, but restaurant economics still face rent, labour and traffic pressure. Track JETRO annual surveys and same-format expansion rather than using headline restaurant count as proof of Oishi-specific growth.[, , ]
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