บทวิเคราะห์ (Research)

T H Neo Corporate (NEO.BK/NEO TB): Undemanding valuation We initiate coverage on NEO with a rating of Outperform and a 2025 target price of Bt40.00 (PER 12.0x). The company’s earning s are expected to see 2 year CAGR of 4% (2025F 202 6F) with a dividend yield of 4%, driven by growing revenues domestically and internationally and effectively managing SG&A/sales. The company looks attractive with an undemanding valuation, currently trading at 2025 PE R 9.7x and 45% discount to global peer s. T H Agricultural Outlook: Feed prices rebounded from multi year low Over the past two weeks, domestic broiler prices continued to recover due to reduced supply and increased demand, while swine prices remained unchanged. Meanwhile, feed prices rebounded after soybean and wheat prices had reached multi year lows. However, this short term change in prices does not change our view on the feed situation next y ear and it should continue to be a supportive factor, especially the soybean meal price. Betagro (BTG.BK/BTG TB)* remains our top pick on the back of solid domestic swine price and capacity expansion.