บทวิเคราะห์ (Research)

CPF : Acquisition of 23.8% stake in CPP We maintain our Buy recommendation and select CPF as our Top pick with a "Positive" view on an acquire investment 23.8% in CPP because: i) funding is expected to come from loans without capital increase, impacting IBD/E by only 0.1x, ii) Vietnam's swine business outlook is bright with expected profit increases exceeding additional financial costs, representing approximately 10% upside to current estimates, iii) acquisition at reasonable price with PER of around 12-14x, iv) increased management flexibility as sole shareholder, with potential for upward estimate revisions following 1Q25F results.