Stocks in Focus on May 23, 2024: CPF and PTG

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on May 23, 2024


Finansia Syrus Securities (FSS) has given a “BUY” recommendation on Charoen Pokphand Foods Public Company Limited (SET: CPF) with a target price at ฿25.00/share.

FSS stated that pork prices are increasing globally, with Thai edging 17% QoQ and 2% YoY higher to THB74/kg for the week, which was higher than the feed cost of THB68/kg. Meanwhile, prices in Vietnam also hit a new high in 13 quarters, increasing 31% QoQ and 27% YoY due to the ASF outbreak. Prices in China also pared at the cost level.

The current situation led the broker to be more confident on 2Q24 performance by CPF, seeing a net profit rising to 2-3 billion baht, while the third quarter should see a significant increase after prices in China topped feeding costs. FSS saw CPF should have the strongest profit among meat producers.


KGI Securities (KGI) has given an “Outperform” rating on PTG Energy Public Company Limited (SET: PTG) with a target price at ฿10.40/share.

KGI expected PTG’s 2Q24F earnings to surge to more than Bt400mn, up YoY and QoQ, thanks to i) wider oil marketing margin and ii) greater oil sales volume. KGI reiterated a rating of Outperform on the counter with an unchanged 2024F target price of Bt10.40, based on 15.0x PE.

The brokerage firm also added PTG to its portfolio of Energy top picks for the next one to two months as the company will benefit from the higher retail diesel selling price in the country since April, leading to a wider diesel oil marketing margin. However, the negative from a national minimum daily wage hike to Bt400 should be a concern after the end of July, when the sub-committees of each province will propose their suitable minimum wages to the tripartite Wage Committee.