Charoen Pokphand Foods Public Company Limited (SET: CPF) experienced a notable recovery in pork prices during the first quarter of 2026, contributing to improved market sentiment. Analysts point to rising commodity food prices and robust performance metrics as key drivers for CPF’s positive outlook.
By March, pork prices in Thailand climbed to almost 70 baht per kilogram, up from approximately 55 baht in February, while Chinese pork prices stayed below production cost at 9.4 yuan per kilogram. The rebound in Thai pork prices, along with solid pricing in Vietnam—where pork trades at 63,000 dong per kilogram—has provided support for CPF. Chicken prices in Thailand also edged higher, reaching 44 baht per kilogram.
Brokerages have responded by reiterating positive views on the company. Finansia Syrus Securities has maintained a “Buy” rating on CPF, setting a target price of THB 24 per share, citing the positive trend in commodity food prices, which corresponds with the ongoing upward movement in oil prices. The firm also emphasized that CPF benefits from strong same-store sales growth and profit-sharing from CPALL, factors expected to buttress pricing power amid rising input costs.
CPF’s stock is currently viewed as undervalued in the market, trading at a price-earnings ratio of 10 and offering a dividend yield of 5%, supporting its attractiveness based on valuation metrics.
Analysts at Phillip Capital (Thailand) project that CPF’s net profit for the first quarter of 2026 will see a significant quarter-on-quarter recovery to 3.44 billion baht, marking a 216.6% increase due to higher pork prices in Vietnam during the holiday period. However, on a yearly comparison, profit is expected to be 59.8% lower, reflecting an unusually high base in the previous year. Phillip Capital sees further upside potential for the stock, maintaining a “Buy” recommendation with a price target of 23.30 baht.
Meanwhile, Maybank Securities (Thailand) maintains a “Hold” rating on CPF, keeping its target price unchanged at 20.90 baht. The brokerage notes that, despite the recovery in meat prices suggesting the segment has passed its bottom, higher animal feed costs could pressure profitability in the second half of 2026. The dividend yield for CPF is forecast at 5-6% for 2026-2027.
