Batagro Public Company Limited (SET: BTG)’s Investor Relations revealed to “Kaohoon” that the sharp increase in share price is supported by several positive factors: 1) expected strong financial performance in line with market forecasts, 2) an increase in livestock prices, both pork and chicken, benefiting BTG directly, and 3) Thailand’s preparation to export pork to Malaysia, for which BTG is one of the three major licensed exporters, with exports expected to commence from March 2026.
The share price of BTG rose 13% on Friday and 1.65% to THB 24.60 per share on Monday, March 30, 2026.
Previously, BTG forecasted a 7-9% growth in pork sales for 2026 due to rising exports and increased pork product offerings. Chicken sales in 2026 are projected to grow by 6-8% fueled by robust demand in European and UK markets. Raw material costs have already been hedged, and BTG maintains its 2026 total revenue growth target at 3-7% compared to the previous year’s total revenue of 122,950.3 million baht, aligning with both domestic and international market expansion.
Meanwhile, Investor Relations Manager at GFPT, told “Kaohoon” that the gradual increase in share price is attributed to a steady rise in livestock prices, after a significant period at low levels, including chicken, chicken parts, and chicks. This has created a positive outlook for the sector and attracted investors’ interest.
Bualuang Securities gave a “BUY” recommendation for BTG, giving a target price of THB 24.50. BTG’s portfolio shift towards premium products is transforming the company’s profit structure. Premium offerings accounted for 57% of sales in 2025 and are expected to rise to about 60% in 2026, with profit margins nearly double those of regular products. Growth is driven by processed meat, premium animal feed, pet food, and expanding export channels. BTG’s foreign revenue share has risen to about 20% from 17% over the past three years, and is expected to grow to at least 20% year-on-year.
The company benefits further from significantly higher livestock prices in March 2026, with most raw material costs locked in, supporting continued margin expansion through Q1 to Q2 of 2026.
Meanwhile, a “BUY” recommendation for Thaifoods Group Public Company Limited (SET: TFG) is maintained, seeing upside to earnings estimates and keeping the previous target price of THB 5.90. Earnings projections for TFG reflect an upward market trend and a more sustained outlook than peers, with seasonal factors—like summer’s tightening livestock supply supporting prices. Management expects Thai pork prices to recover to 65-70 baht per kilogram, up from the current 58 baht per kilogram. Importantly, 2026 is expected to experience a more severe El Niño phenomenon, likely increasing heat and drought.
Phillip Securities (Thailand) recommends “BUY” for Charoen Pokphand Foods Public Company Limited (SET: CPF) with a fair value of THB 23.30, due to a recovery in meat prices. Thai pork prices appear to have bottomed out and are expected to continue rising through H2 2026 amid increased demand and market supply rebalancing; for Vietnam, pork prices in 2026 are expected to be similar to last year, with Q1 average prices around 65,000 dong per kilogram.
