Krungsri Securities (KSS) maintains a positive outlook on Charoen Pokphand Foods Public Company Limited (SET: CPF) as management remains upbeat about 2025 prospects, building on strong 1Q25 momentum and consistent upward earnings revisions.
The brokerage expects 2Q25 profit to increase year-on-year and improve or remain steady quarter-on-quarter, driven by higher pork prices in Thailand and Vietnam, sustained high chicken prices, and ongoing declines in feed costs.
Nonetheless, close monitoring of Chinese pork prices will be needed, as volatility there could pressure profits contributed from CTI. Krungsri estimates 2025 earnings at THB 27.025 billion, representing 38% growth.
Maybank Securities (Thailand) (MST) has lifted CPF’s core profit estimates for 2025–2027 by 1–28%, reflecting stronger-than-expected 1Q25 results. The firm also projects strong earnings in 2Q25, underpinned by favorable commodity prices in both Thailand and Vietnam.
However, a profit slowdown is expected in the second half of 2025 due to a potential easing of pork prices in both countries. Still, average pork prices are likely to remain higher than the previous year. Meanwhile, Chinese pork prices are set to recover in 2H25, supported by a sustained rise in piglet prices.
TISCO Securities notes that CPF’s 1Q25 net profit accounted for 44% of its full-year forecast, suggesting upside to current annual projections.
TISCO also expects 2Q25 performance to improve further, buoyed by rising pork prices—currently at THB 88 per kilogram in Thailand due to easing of illegal pig imports and reduced supply, and at VND 65,400 per kilogram in Vietnam, amid ASF outbreaks and supply constraints. Feed costs also remain favorable, with soybean meal at THB 16.7 per kilogram and corn feed at THB 10.7 per kilogram.
Pi Securities projects robust 2Q25 earnings on the back of higher meat prices—particularly Thai and Vietnamese pork—contrasted by falling feed costs following a bumper soybean crop in Brazil.
Potential corn imports from the U.S. may also provide additional cost benefits. Consequently, Pi has increased its full-year profit forecast by 19% to THB 23.06 billion, for 18% year-on-year growth. 1Q25 net profit came in at THB 8.549 billion, beating expectations.
The consensus among leading brokerages affirms solid optimism toward CPF 2Q25 performance, with unanimous “Buy” recommendation and a target price of around THB 31-35.
