บทวิเคราะห์ (Research)

GFPT : Earnings Preview - Attractive Valuation with GPM Tailwinds We maintain a Slightly Positive view on GFPT's 2Q25F core earnings outlook, expecting THB 605 mn (+8% y-y, -4% q-q), outperforming our previous forecast (previously expected declines both y-y and q-q). The primary driver is an expected GPM improvement to 16% (vs 2Q24: 14.3%, 1Q25: 14%) due to lower animal feed raw material costs. For 3Q25F momentum, we expect increases both y-y and q-q from continued favorable raw material cost levels, particularly declining soybean meal prices, coupled with the entry into the export high season and a slight recovery in chicken prices. Our 2025F estimates have upside potential from better-than-expected GPM trends. At current trading levels of 6.8x PER, trading at -1.5SD and lagging the sector with no US tariff risk exposure, we maintain our Buy recommendation with TP THB 13.80 and select as sector Top Pick.