On Friday at 2:00 PM (Bangkok time), the share price of Betagro Public Company Limited (SET: BTG) soared by 10.28% or THB 2.20 to THB 23.60, with a trading value of THB 561.99 million.
Bualuang Securities (BLS) has revised BTG’s 2026 target price to THB 24.50 per share, up from the previous THB 20.50. BTG is now designated as the top pick in the sector, with current valuations considered attractive, trading at a price-to-earnings ratio of just 8 times.
On the short-term outlook, BTG has benefited from rising pork and chicken prices since early March, which are expected to continue increasing over the next two to three months, driven by tighter supply in the market and seasonal effects, as the hotter weather in the summer limits weight gain in pigs.
Pork prices have risen significantly from the February low of THB 55 per kilogram, now standing at THB 67–72 per kilogram, which represents a 20–30% increase. Chicken prices have also climbed from THB 40 to THB 44 per kilogram, reflecting a 10% uptick. Additionally, BTG is one of only three companies in Thailand permitted to export pork to Malaysia and chicken to Europe—both markets continue to show strong growth potential.
Meanwhile, BTG is positioned to enjoy margin improvement in the near term, as it has secured an advanced inventory of animal feed ingredients such as corn and soybean meal through May. This allows the company to benefit from higher meat prices while maintaining stable raw material costs. As a result, profits in the first and second quarters of 2026 are likely to grow quarter-on-quarter, although year-on-year growth may be limited due to a high base in the previous year.
For the long-term outlook, BTG is transitioning its business model toward premium products, which offer superior margins compared to commodity-grade pork and chicken. Currently, the company already has products with margins exceeding 50%, making its share price less volatile.
