Ms. Piyanuch Marittanaporn, Chief Financial Officer of Thai Union Feedmill Public Company Limited (SET: TFM), informed “Kaohoon” that the operational outlook for the fourth quarter of 2025 is expected to see higher sales than the same period in 2024, in line with domestic and international market expansion.
This will be coupled with improved production efficiency and better cost control, enabling the gross profit margin to remain at a good level, although it may slow down compared to the previous quarter due to seasonal factors, which is typical for the industry. However, overall performance this quarter is still strong.
For 2025 as a whole, the company anticipates sales growth of 7-9% from 2024’s total sales of THB 5.43 billion. In the first nine months of 2025, total revenue reached THB 4.44 billion, driven by continued strong momentum in Thailand’s shrimp and fish feed businesses. The gross profit margin (GPM) is expected to reach a new high, supported by improved production, a quality portfolio, cost adjustments for products, and efficient raw material management.
Selling and administrative expenses (SG&A) as a percentage of sales are expected at around 8-10%, reflecting cost reduction initiatives to balance expenditures. In 2026, TFM will continue to focus on sustainable growth from both domestic and international markets, which still have significant expansion potential.
Yuanta Securities (Thailand) has upgraded the recommendation to “Buy” for TFM, suitable for long-term investment aiming for dividend yield, with the target price raised to THB 7.20 per share. This is attributed to the normalised profit for the first nine months of 2025 already accounting for 96% of its full-year estimate of THB 612 million. Consequently, profit forecasts for 2025-2026 have been revised up by 25.2% and 20.3%, respectively.
For 2025, profit is expected at THB 766 million, growing 36.9% from 2024’s net profit of THB 535 million. For 2026, profit is expected at THB 866 million, up 20.3% year-on-year, maintaining continuous new highs. The current estimate has not yet included the upside potential from further synergy with Mitsubishi Corporation, which is expected to become clearer in 2026.
At the same time, the operating performance for 4Q25 is expected to grow from the same period in 2024, mainly supported by continued domestic business momentum. The shrimp feed segment continues to expand market share through both existing and new customer base expansion, while freshwater fish feed product portfolios are also widening. However, performance will decrease from the previous quarter.
The company has already passed its peak in 3Q25, which was the high season. Additionally, in Indonesia, the business faced the impact of a temporary suspension of seafood exports to the U.S. in October 2025, affecting shrimp farming volume and shrimp feed demand.
