บทวิเคราะห์ (Research)

We have a "Slightly positive" view on the 3Q24F outlook, expecting it to be the best quarter of the year. We project a normalized profit of THB 6,418 mn (turning from loss y-y, +15% q-q). Anticipating a biological asset gain of THB +600 mn, we forecast a net profit of THB 7,158 mn (turning from loss y-y, +3% q-q). Supporting factors include higher pig prices in Thailand/Vietnam and increased chicken export volume, while animal feed costs decreased, boosting GPM y-y and q-q. We expect CTI's profit share to increase y-y and q-q due to notably higher pig prices in China. For 4Q24F momentum, we anticipate a q-q decline due to seasonal factors. Maintain BUY recommendation with TP25F of THB 31.00. Select as the Top pick in the sector along with GFPT (TP25F THB 17.30).