Company Coverage
Betagro (BTG TB): 3Q26 Results Preview: Thai Livestock Producers Are Winners
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt20.70
Bt27.00
30.43%
Bt24.80
Analyst
Highlights
- We forecast BTG’s 3Q26 core profit at Bt1,370m (+11.4% yoy and +94.7% qoq). We expect BTG’s earnings to outperform its peers’ due to its greater exposure to the domestic market and lower exposure to uncertainties in international livestock prices.
- BTG is well positioned to benefit from the domestic livestock price upcycle.
- The company remains one of our top picks in the sector.
- Maintain BUY with a higher target price of Bt27.00.
Analysis
- Expected to report strongest earnings among peers. We forecast Betagro’s (BTG) 3Q26 net profit at Bt1,400m (+20% yoy and +134% qoq). Excluding one-off expenses, core profit is expected to reach Bt1,370m (+11.4% yoy and +94.7% qoq). The key drivers of BTG’s 3Q26 earnings recovery are expected to be strong sales growth, a higher gross profit margin, and better SG&A cost control. We expect BTG to outperform its peers this quarter, supported by the former’s greater exposure to the domestic market and lower exposure to uncertainties in international livestock prices. BTG remains one of our top picks in the sector.
Highlights
- We forecast BTG’s 3Q26 core profit at Bt1,370m (+11.4% yoy and +94.7% qoq). We expect BTG’s earnings to outperform its peers’ due to its greater exposure to the domestic market and lower exposure to uncertainties in international livestock prices.
- BTG is well positioned to benefit from the domestic livestock price upcycle.
- The company remains one of our top picks in the sector.
- Maintain BUY with a higher target price of Bt27.00.
Analysis
- Expected to report strongest earnings among peers. We forecast Betagro’s (BTG) 3Q26 net profit at Bt1,400m (+20% yoy and +134% qoq). Excluding one-off expenses, core profit is expected to reach Bt1,370m (+11.4% yoy and +94.7% qoq). The key drivers of BTG’s 3Q26 earnings recovery are expected to be strong sales growth, a higher gross profit margin, and better SG&A cost control. We expect BTG to outperform its peers this quarter, supported by the former’s greater exposure to the domestic market and lower exposure to uncertainties in international livestock prices. BTG remains one of our top picks in the sector.
BUY (Maintained)
Current price:
Target price:
Upside:
Previous TP :
Bt20.70
Bt27.00
30.43%
Bt24.80
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.
