บทวิเคราะห์ (Research)

We expect BTG to report a strong 2Q25F net profit of Bt2.4bn (+275% YoY, +24% QoQ), driven by improving GPM and revenue. However, this would likely be the peak for the year and earnings should soften QoQ in 3Q25F due to falling swine prices pressuring GPM. We maintain a rating of Underperform on BTG with a 1H26F target price of Bt15.70 (PE 5.6x) as i) more than 55% revenue is generated from the swine business, which recently saw prices fall, and ii) the earnings outlook for 2H25F and 2026F seems unremarkable.