Company Coverage
Betagro (BTG TB): 3Q26: Strong Earnings Rebound
BUY (Maintained)
Current price:
Target price:
Upside:
Bt22.50
Bt27.00
20.00%
Analyst
Highlights
- BTG reported 3Q26 core profit of Bt1,268m (3.1% yoy and 80.2% qoq).
- Results are in line with market expectations but 8% below our estimate.
- As domestic swine prices have continued to rise in Nov 26, we expect BTG’s earnings to continue improving yoy in 4Q26 while remaining relatively flat qoq.
- Maintain BUY with a target price of Bt27.00.
Analysis
- Strong earnings rebound. Betagro (BTG) reported a 3Q26 net profit of Bt1,300m (+11.5% yoy and +117.3% qoq). Excluding one-off items, core profit for 3Q26 was Bt1,268m (+3.1% yoy and +80.2% qoq). The results are in line with market expectations but 8% below our estimate.
- Revenue up yoy and qoq. BTG’s 3Q26 revenue came in at Bt32.8b (+7.5% yoy, +11.7% qoq), supported by growth across all business segments. Inter-business revenue increased to Bt7.3b (+23.5% yoy, +11.8% qoq), while the food business’ revenue came in at Bt16.4b (+4.2% yoy, +13.4% qoq). The pet business reported revenue of Bt841m (+7.3% yoy, +11.7% qoq), and the agro business saw revenue of Bt8.2b (+0.6% yoy, +8.5% qoq).
Highlights
- BTG reported 3Q26 core profit of Bt1,268m (3.1% yoy and 80.2% qoq).
- Results are in line with market expectations but 8% below our estimate.
- As domestic swine prices have continued to rise in Nov 26, we expect BTG’s earnings to continue improving yoy in 4Q26 while remaining relatively flat qoq.
- Maintain BUY with a target price of Bt27.00.
Analysis
- Strong earnings rebound. Betagro (BTG) reported a 3Q26 net profit of Bt1,300m (+11.5% yoy and +117.3% qoq). Excluding one-off items, core profit for 3Q26 was Bt1,268m (+3.1% yoy and +80.2% qoq). The results are in line with market expectations but 8% below our estimate.
- Revenue up yoy and qoq. BTG’s 3Q26 revenue came in at Bt32.8b (+7.5% yoy, +11.7% qoq), supported by growth across all business segments. Inter-business revenue increased to Bt7.3b (+23.5% yoy, +11.8% qoq), while the food business’ revenue came in at Bt16.4b (+4.2% yoy, +13.4% qoq). The pet business reported revenue of Bt841m (+7.3% yoy, +11.7% qoq), and the agro business saw revenue of Bt8.2b (+0.6% yoy, +8.5% qoq).
BUY (Maintained)
Current price:
Target price:
Upside:
Bt22.50
Bt27.00
20.00%
Analyst
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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.
