During the morning session on Monday, the share price of Charoen Pokphand Foods Public Company Limited (SET: CPF) led an increase in prices among pork-chicken export stocks and rose by 3.23% or THB 0.60 to THB 19.20, with a trading value of THB 179.24 million.
Kasikorn Securities (KS) noted in its report that it expected CPF to announce a decrease in the company’s normal loss to THB 2.8 billion in the first quarter of 2024, compared to a normal loss of THB 3.4 billion in 4Q23, following the price increase in agricultural products and the price decrease in animal feeds.
The firm anticipated that the prices of pork in Thailand would constantly increase in the second half of 2024 as demand recovered, while the costs for animal feeds still had some room for a slowdown from a higher production outlook.
Kasikorn Securities maintained a “BUY” recommendation for CPF, with a target price of THB 19.8, as the firm foresaw a positive sentiment from the recovery in CPF’s profit in 2024.
In addition, Land and Houses Securities stated that CPF would benefit from the weakening of the Thai baht to the lowest level in seven months and the rise in export figures.
