Stocks in Focus on January 29, 2023: GFPT and PTTEP

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on January 29, 2023.


KGI Securities (KGI) has given an “Outperform” rating on GFPT Public Company Limited (SET: GFPT) with a target price at ฿16.20/share.

KGI stated that GFPT is expected to report a 4Q23F net profit of Bt383mn (-15% YoY, +20% QoQ). The decline YoY would be mainly from a drop in GPM due to a lower selling price. However, earnings should grow QoQ driven by GPM improving due to lower feed cost and better performances by JVs. Meanwhile, SG&A to sales and interest expense should not show significant changes.

KGI expected to retreat QoQ in 1Q24F as it is the low export season and SG&A expenses should rise as freight costs increase. However, GPM should continue to improve, resulting in flat or a slight increase in earnings YoY. GFPT remains KGI’s top pick among meat producers.


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on PTT Exploration and Production Public Company Limited (SET: PTTEP) with a target price at ฿194.00/share.

MST maintained a positive outlook on crude oil prices, which continue to remain at elevated levels due to stronger-than-expected US economic indicators and ongoing tensions in the Middle East, where uncertainty persists.

This scenario bodes well for PTTEP, despite potential slowdowns in fourth-quarter 2023 operating results due to impairment provisions related to the Mozambique LNG project. Market sentiment is likely to have already factored in such concerns into the share price, with less emphasis placed on short-term fluctuations compared to the long- term fundamentals. Particularly noteworthy is the anticipated increase in output from contract renewals in the Gulf of Thailand, notably from the Erawan gas field. With the stock currently trading at a PER 2024E of 7.8 times, it remains relatively inexpensive compared to the historical average of 11 times.