CPF is anticipating 3Q24 to be the best performing quarter of this year, with the quarterly report scheduled to be released on Nov. 14. Brokers forecast 3Q net profit to be at THB 7,158 million and the first nine-month net profit at THB 15,143 million.
Charoen Pokphand Foods Public Company Limited (SET: CPF) is expected to release a quarterly report of 3Q24 on 14 November 2024, with a prospect of recovering from losses to be profitable again.
Krungsri Securities remains “Buy” on CPF stocks at the target price of THB 31 per share, expecting 3Q to be the best performing quarter of the year, with normal profit of THB 6,418 million or a 15% growth from last quarter, recovering the company from last quarter THB 3,733 million loss to profiting again. The company’s asset value for biogas is estimated to increase THB 600 million.
3Q24 is predicted to turn a net profit of THB 7,158 million, compared to the same quarter last year which had a net loss of THB 1,811 million, and 3% growth compared to the previous quarter. This is due to the following factors:
- An increase in Thailand pork prices with Vietnamese pork prices remain continuously high and chicken exports have entered high season.
- Continue decrease in animal feed prices.
- CTI’s profit share recovered from losses due to the Chinese pork price increase.
The performance report for the first nine months of 2024 anticipates a net profit of THB 15,675 million, compared to the same period last year’s losses of THB 5,328 million, the expected net profit is considered to be 97% of 2024 overall estimation of THB 15,675 million, compared to 2023 losses of THB 5,207 million.
Although the continuous decline of meat and animal feed prices may suggest an upside for 2024 overall performance.
