Betagro Public Company Limited (SET: BTG) anticipates improvement in its fourth quarter 2025 performance, projecting growth both year-on-year and quarter-on-quarter. The company attributes this outlook to the high season for its business, which typically coincides with increased domestic spending fueled by Thai travelers and a rise in foreign tourist arrivals.
Consumption within Thailand is expected to benefit further from ongoing government stimulus measures, such as the ‘Khon La Khrueng Plus’ project aimed at promoting local spending.
The company foresees pork prices trending upwards in the fourth quarter after a dip in the third quarter, which was affected by the rainy season, a shortage of Cambodian labor leading to heavier pigs, and an increase in processed pork supply.
Since September, pork prices have rebounded as labor shortages ease, the end of the vegetarian festival, and intervention by the Swine Raisers Association to store up to 5 million kilograms of pork in cold storage, among other factors. Chicken prices are also expected to remain on an upward trajectory, driven by sustained overseas demand.
Regarding the ongoing dispute between Thailand and Cambodia, Betagro has adjusted its logistics by shifting day-old chick transport from border crossings to air freight and has sought alternative suppliers, including partners in Vietnam.
There have been no product bans, as labeling is localized, and the company has now fully addressed earlier labor shortages. Animal feed procurement has also shifted toward Cambodia and Vietnam. Operations in Thailand have now normalized, with a full substitution of the Cambodian workforce.
Following the company’s Board of Directors meeting No. 6/2568, on September 23, Betagro’s share buyback program was approved with a cap of THB 2 billion and a maximum of 85 million shares. The buyback period runs from September 29, 2025, to March 27, 2026.
As of now, 8.9 million shares have been repurchased for approximately THB 163 million. Temporary suspensions in buybacks were due to a silent period, but since the release of third-quarter results, buying activity has resumed almost daily.
For the full year 2025, Betagro remains confident it will deliver one of its best years in terms of both sales and profit, surpassing 2024’s revenue of THB 114.91 billion and net profit of THB 2.47 billion.
Over the first nine months of 2025, the company reported approximately THB 92 billion in sales and THB 5.6 billion in net profit, reflecting effective growth across all business segments—from domestic to international operations and exports. The company continues to prioritize efficiency and cost control throughout its supply chain.
In 2025, Betagro budgeted THB 4.8 billion for capital expenditures, of which THB 4 billion (80%) had been spent in the first nine months. The remaining budget is expected to be utilized by year-end, with the company also actively seeking M&A opportunities, particularly in midstream operations within the ASEAN region. In markets like Cambodia, Laos, and Myanmar, efforts are focused on improving mid- to downstream business for future sales growth.
Trinity Securities upgraded its recommendation on BTG to ‘Buy,’ maintaining its 2026 target price at THB 21.40 per share, with a P/E ratio of 9 times. The lower share price and improving market conditions have created upside potential.
The analyst forecasts a moderate recovery in BTG’s 4Q25 profits, backed by rebounding pork prices, normalization of labor supply, and ongoing government stimulus. Additionally, animal feed costs are expected to decline, reflecting the crop harvest season, especially for corn.
Looking ahead to 2026, the brokerage firm expects further improvement in livestock prices due to the Swine Raisers Association’s supply reduction measures, rebounding demand, and possible new government incentives.
However, since livestock prices were relatively high in the first half of 2025, average prices in 2026 may be lower, and net profit is projected at approximately THB 4.69 billion, down 32% from the estimated THB 6.92 billion in 2025.
