Centre Testing Intl Shenzhen

CGSI highlighted key points from CPF's analyst meeting, noting that the Vietnam business continues to grow strongly in both swine and poultry, while CPF is preparing an IPO of CP Vietnam at around 10% of registered capital. The plan is pending approval from Vietnam's State Securities Commission, and CPF will retain a majority stake. The swine business in Vietnam remains a key profit driver amid African swine fever, which is limiting supply and supporting hog prices. The broiler business is expected to keep growing on strong exports to Japan and South Korea, and the company is in talks to expand access to the European Union market. It is also moving ahead with expanding poultry farm production capacity, with new capacity expected to come on stream gradually over the next one to two years. For the China business, CTI, a joint venture in which CPF holds 35%, continues to face pressure from a weak hog market. In the second quarter of 2026, it contributed a loss share of about 2 billion baht to CPF, and CPF has reduced swine farm production capacity in China by about 5% compared with a year earlier. Management estimates that rebalancing supply and demand may take another one to two years before profitability recovers significantly.