Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

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<p>Company Update</p>
<h2>GFPT Plc. (GFPT)</h2>
<p>Agribusiness</p>
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<h3>2021E core profit earnings to grow by 22%</h3>
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<p>We have GFPT as our top pick for 2021E as the share price implies 13% upside to our target price of Bt16.00/share (vs. 15x PER). The 2021E core profit is likely to grow by 22% YoY after the new machinery in the cooked chicken plant is installed. In addition, Thai broiler exports are expected to increase by 3%, with possible upside if the Tokyo Olympics can be held in 2021E.</p>
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<p><strong>Thai broiler exports in</strong>…</p>
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<p>Company Update</p>
<h2>GFPT Plc. (GFPT)</h2>
<p>Agribusiness</p>
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<h3>3Q20 earnings recovered QoQ and beat forecast</h3>
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<p>The 3Q20 earnings grew QoQ as domestic broiler prices increased and the gross profit margin was better than expected. The 4Q20E core profit is likely to remain flat YoY and QoQ, but there will be an extra item from an insurance claim. The firm’s core profit is expected to recover clearly in 2H21E, which will enable the 2021E core profit to grow by 22%, after new sets of machinery are installed and…</p>
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<p>Company Update</p>
<h2>GFPT Plc. (GFPT)</h2>
<p>Agribusiness</p>
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<h3>Earnings to grow QoQ in 3Q20E</h3>
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<p>The 3Q20E earnings are likely to recover QoQ on the back of higher broiler prices but are expected to decline seasonally in 4Q20E, although the bottom line in the final quarter may be cushioned by an insurance claim. GFPT’s core profit is likely to recover clearly in 2H21E, with 2021E core profit forecast to grow 22%, after the new machinery is installed and the firm’s capacity for cooked chicken increases…</p>
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<p>Company Update</p>
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<h2>GFPT Plc. (GFPT)</h2>
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<p>Agribusiness</p>
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<h3>Better 3Q20E outlook; earnings forecasts upgrade</h3>
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<p>This year’s earnings may have already bottomed out and the 3Q20E outlook is expected to improve QoQ thanks to rising broiler prices and the peak export season. We revised up the 2020-21E earnings to reflect the better-than-expected margin and earnings contribution from affiliates. In addition, we have rolled over our target price to 2021E at Bt16 (15x PER). We upgrade our rating to Buy (from Sell)…</p>
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<p>Company Update</p>
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<h2>GFPT Plc. (GFPT)</h2>
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<p>Agribusiness</p>
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<p><strong>Upbeat 1Q20 earnings; gloomy 2Q20 outlook; fully valued</strong></p>
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<p>GFPT’s 1Q20 earnings came out better than expected. The 2Q2 0 E outlook appears gloomy due to the expectation of weaker sales YoY and a narrower gross profit margin (GPM) QoQ. We leave our 2020E earnings growth forecast unchanged at -27%. The current share price implies 17x PER and is already fully valued when compared to our target price of Bt10.90/share (15x PER). For…</p>
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Thailand

GFPT Public Company Limited produces frozen chicken parts and distributes its products under GFPT, Common Food, and Nichirei Core.  The Company sells its products to domestic and export markets.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00