บทวิเคราะห์ (Research)

We have a Positive view on the 2Q24 net profit of THB 583 mn (+67% y-y, +25% q-q), which exceeded our and market expectations by +9%/+12%, respectively, due to better-than-expected GPM, SG&A/sales, and share of profit from GFN. Chicken export volume reached 9,000 tons, the highest in 20 quarters. For the 3Q24F outlook, we expect net profit to increase y-y from a low base but decelerate q-q as export volume may decrease to 8,500 tons, as Europe accelerated orders in 2Q24. 1H24 net profit was THB 1,049 mn (+62% y-y), accounting for 61% of our previous estimate. With the company revising its 2024F guidance upward, we raise our net profit forecasts for 24F/25F by +12%/+10% to THB 1,926 mn (+40% y-y) / THB 1,972 mn (+2.4% y-y) respectively. We maintain a Buy recommendation and roll over to use TP25F at THB 17.30. We still select GFPT as a Top pick in the sector along with CPF (TP25F THB 25.50).