Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

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<p>Earnings Review</p>
<h2>Thaifoods Group Plc. (TFG)</h2>
<p>Food &amp; Beverage</p>
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<h3>Better-than-expected 3Q20 earnings</h3>
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<p>TFG’s 3Q20 earnings expanded both YoY and QoQ thanks to a wider margin on the back of higher broiler and swine prices QoQ and a significant decrease in SG&amp;A expenses. Therefore, we see upside risk of 15-20% to our<br>2020E core profit projection. The 4Q20E core profit is expected to weaken QoQ on seasonality but grow YoY (due to the low base). We maintain a Buy rating and our target price of…</p>
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<p>Company Update</p>
<h2>Thaifoods Group Plc. (TFG)</h2>
<p>Food &amp; Beverage</p>
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<h3>3Q20E earnings to be the year’s high; earnings revised up</h3>
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<p>The 3Q20E core profit is expected to grow both YoY and QoQ on the back of a wider gross profit margin and higher broiler and swine prices on a QoQ basis. The 4Q20E earnings are likely to weaken QoQ on seasonality but grow YoY due to the low base effect. We have raised our 2020-21E core profit forecasts by 27% and 20%, respectively, and increased our target price to…</p>
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<p>Company Update</p>
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<h2>Thaifoods Group Plc. (TFG)</h2>
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<p>Food &amp; Beverage</p>
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<h3>Earnings forecasts raised on better livestock price outlook</h3>
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<p>TFG’s 2Q20E core profit is expected to have fallen both YoY and QoQ, likely attributable to a narrower gross profit margin due to weaker livestock prices, which recorded a particularly sharp decline in April. The outlook for 3Q20E seems bright thanks to the recovery in broiler and swine prices. We therefore raised our 2020-21E earnings forecasts by 11% and 9%…</p>
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<p>Earnings Review</p>
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<h2>Thaifoods Group Plc. (TFG)</h2>
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<p>Food &amp; Beverage</p>
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<p><strong>1Q20 core profit growth as expected but weak 2Q20E outlook; fully valued</strong></p>
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<p>The 1Q20 core profit grew well both YoY and QoQ, driven by increases in sales and a better gross profit margin (GPM) following the improvement in the livestock business. However, the 2Q20E outlook appears weak due to the spread of COVID-19, which will create downside risk to the firm’s exports and keep broiler prices soft. TFG’s performance should…</p>
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<p>Company Update</p>
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<h2>Thaifoods Group Plc. (TFG)</h2>
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<p>Food &amp; Beverage</p>
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<h3>Upbeat 2Q20 earnings and bright 3Q20E outlook</h3>
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<p>The 2Q20 core profit fell YoY but increased QoQ. The quarterly results were better than expected thanks to growth in the sales of animal feed and strong GPM. Broiler and swine prices have increased and are likely to rise further in 3Q20E, creating upside to the margin during the rest of the year. Therefore, we maintain our current earnings forecast. The share price at…</p>
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Thailand

Thaifoods Group Public Company Limited is the manufacturer and processor of poultry and swine products. The Company's business involves hatcheries, contract farming, raw chicken meat processing for export, and domestic distribution. Thaifoods Group operates in Southeast Asia.

Thai Foods Group Public Company Limited (TFG TB)

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52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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