Analysts at Yuanta Securities (Thailand) stated that GFPT Public Company Limited (SET: GFPT) reported normalized profit of THB 710 million for the third quarter of 2025, marking a new high and surpassing analyst expectations by about 7%. This represents growth of 7.0% quarter-on-quarter (QoQ) and an impressive 26.0% year-on-year (YoY), largely attributed to a better-than-expected gross profit margin (GPM).
Total revenue for the quarter stood at THB 4,740 million, down 2.9% QoQ and 6.1% YoY, in line with projections. Some orders were delayed to 4Q25 due to labor shortages, therefore shifting revenue recognition into the next quarter.
GPM soared to a record 20.3%, exceeding the forecast of 19.5%, reflecting a favorable trend in lower raw material and feed costs. The SG&A-to-sales ratio was as expected, at 7.4%.
Looking ahead, normalized profit in 4Q25 is expected to continue accelerating QoQ and show further YoY growth, likely reaching the highest level of the year. For the first nine months of 2025, normalized profit accounts for 76% of Yuanta’s full-year forecast. With further upside expected in Q4, the 2025 earnings estimate may see an additional upgrade of about 3-5%.
GFPT continues to stand out as the best performer among the livestock farm sector, with a compelling valuation at a PER26 of just 4.8 times. Yuanta maintains a “BUY” recommendation on GFPT, with a fair value target of THB 13.40 per share.
