On Monday at 2:59 PM (Bangkok time), the share price of Betagro Public Company Limited (SET: BTG) rose by 1.50% or THB 0.30 to THB 20.30, with a trading value of THB 56.14 million.
Land and Houses Securities (LHS) wrote that BTG is likely to have already passed the trough in its gross profit margin. Although the prices of key raw materials such as corn and wheat are expected to enter the off-season during the second quarter of 2026, the impact on the company’s margins should be limited, as BTG has locked in key raw material prices through to the end of the year.
Meanwhile, the prices of pork, chicken, and eggs have started to recover quarter-on-quarter and are expected to stabilize in June, providing further support for GPM recovery starting in Q2 and becoming more pronounced in the second half of 2026.
Exporting pork is expected to be a long-term margin driver for BTG, after the company became one of only three Thai producers to receive approval to export pork to Malaysia in the first quarter of 2026. BTG has begun shipments at approximately 200 pigs per month, with plans to scale up to 10,000 pigs per month by the end of 2026.
The company notes that export margins are around 20-25% higher than domestic sales, which will increase pork export revenue as a share of total pork sales from 2% to 5%.
As a result, LHS recommends a ‘Buy’ rating on BTG with a target price of THB 22.00 per share.
