Company Coverage
Thaifoods Group (TFG TB): 3Q26: Earnings Up yoy And qoq
BUY (Maintained)
Current price:
Target price:
Upside:
Bt9.35
Bt13.00
31.09%
Analyst
Highlights
- TFG reported a 3Q26 core profit of Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market’s projection but beat our forecast by 8% due to better-than-expected gross profit margin and sales.
- We maintain our positive outlook for 4Q26-1H27, underpinned by a domestic livestock price upcycle and continued retail store expansion.
- Maintain BUY with a target price of Bt13.00.
Analysis
- Earnings up yoy and qoq. Thaifoods Group (TFG) reported a 3Q26 net profit of Bt2,024m (+18.8% yoy, +37.3% qoq). Excluding one-off items, 3Q26 core profit came in at Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market but beat our forecast by 8% due to better-than-expected gross profit margin.
- Sales returned to yoy and qoq growth. 3Q26 revenue came in at Bt20,167m (+10.9% yoy, +9.9% qoq). The poultry business reported sales of Bt4.7b (-3.4% yoy, +18% qoq), while the swine business’ sales came in at Bt2.9b (-18.3% yoy, +12.2% qoq). The decline in poultry and swine yoy was due to: a) lower ASPs, and b) lower sales volumes as a greater proportion of production was allocated to the retail business. Feed sales was reported at Bt2.9b (+4% yoy, -0.7% qoq).
Highlights
- TFG reported a 3Q26 core profit of Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market’s projection but beat our forecast by 8% due to better-than-expected gross profit margin and sales.
- We maintain our positive outlook for 4Q26-1H27, underpinned by a domestic livestock price upcycle and continued retail store expansion.
- Maintain BUY with a target price of Bt13.00.
Analysis
- Earnings up yoy and qoq. Thaifoods Group (TFG) reported a 3Q26 net profit of Bt2,024m (+18.8% yoy, +37.3% qoq). Excluding one-off items, 3Q26 core profit came in at Bt1,987m (+15.4% yoy, +32.5% qoq). The earnings are in line with the market but beat our forecast by 8% due to better-than-expected gross profit margin.
- Sales returned to yoy and qoq growth. 3Q26 revenue came in at Bt20,167m (+10.9% yoy, +9.9% qoq). The poultry business reported sales of Bt4.7b (-3.4% yoy, +18% qoq), while the swine business’ sales came in at Bt2.9b (-18.3% yoy, +12.2% qoq). The decline in poultry and swine yoy was due to: a) lower ASPs, and b) lower sales volumes as a greater proportion of production was allocated to the retail business. Feed sales was reported at Bt2.9b (+4% yoy, -0.7% qoq).
BUY (Maintained)
Current price:
Target price:
Upside:
Bt9.35
Bt13.00
31.09%
Analyst
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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