บทวิเคราะห์ (Research)

CPF : Earnings Result - 1Q25 Core Profit Reaches New High We have a "Positive" view on CPF's 1Q25 core profit of THB 8,574 mn (up from THB 358 mn, +31% q-q), exceeding expectations by 31% and setting a new record high. This strong performance was driven by better-than-expected GPM, SG&A/sales ratio, and share of profits from associates. GPM reached 18.5%, the best in 16 quarters, supported by higher pig prices in Thailand and overseas markets and lower animal feed costs, particularly soybean meal. Share of profits from associates increased +92% y-y though decreased -12% q-q, still beating expectations due to more substantial contributions from CPALL and CTI. There were special items, including impairment losses, Bio asset gain, and FX gain totaling THB -25 mn, resulting in a net profit of THB 8,549 mn (+642% y-y, +105% q-q). For 2Q25F, we expect momentum to continue with y-y growth and stable q-q performance, following meat price trends and animal feed costs. We have revised our profit estimates for 25F/26F upward by +64%/+41% to THB 27,025 mn/THB 25,203 mn and increased our target price to THB 35 (PER 11x). We maintain our Buy recommendation and continue to select CPF as our Top pick.