Betagro PCL

Kasikorn Securities Public Company Limited, or KS, stated that its research division forecasts the combined normal profit of the livestock group, which comprises Betagro Public Company Limited, or BTG, Charoen Pokphand Foods Public Company Limited, or CPF, GFPT Public Company Limited, or GFPT, and Thai Foods Group Public Company Limited, or TFG, to reach 38.2 billion baht in 2027, up 13.8% from the same period a year earlier, even though sales are expected to grow by only 2.3%. The growth is supported by the group's gross profit margin, which is expected to rise to 16.2% from 15.8% in 2026. KS stated that the profit growth will come from a better spread between livestock prices and feed costs, an increase in operating leverage, expansion into downstream businesses, and an improved product mix, which is shifting the livestock group from a cyclical recovery toward more sustainable profit growth. For the Thai swine market, KS assumes a pig price of 70 baht per kilogram in 2027, while for China it assumes 12 yuan per kilogram, and it maintains its 2027 broiler price assumption at 42 baht per kilogram. It assumes corn and soybean meal prices in 2027 at 10.5 baht per kilogram and 16.5 baht per kilogram, respectively. KS maintains a neutral view on the livestock group and has selected CPF and BTG as its top picks, giving BTG a buy rating with a target price of 24.80 baht and CPF a buy rating with a target price of 26.00 baht.

Trinity Securities assesses that the Thai stock market index in the fourth quarter of 2026 will fluctuate within a range of 1,500-1,700 points, noting that the current index level has fallen into a zone where reward clearly outweighs risk. For those who still hold Thai stocks at low levels, or who need to invest to reduce taxes this year, the current index area is seen as an opportunity to gradually accumulate (Buy the Dip). As for the investment strategy for the fourth quarter, the research department recommends a defensive approach focused on its quarterly recommended stocks, namely BTG, TFG, AWC, ERW, CRC, COM7, STA, TVO, AMATA and STECON.

S-Pure, a premium meat and food product line under Betagro Public Company Limited, or BTG, has become the first and only brand in Thailand to receive certification for chicken egg production under the Suphannahong chicken egg certification mark, issued by the Department of Livestock Development under the Ministry of Agriculture and Cooperatives. The certification confirms the freshness, safety, and Salmonella-free status of S-Pure fresh chilled chicken eggs, and also certifies standards from the parent stock stage onward. Mr. Trirat Thongplod, Chief Operating Officer of the Livestock Business at BTG, said the certification mark will offer consumers a safe food option, and the products can be traced back to their source. S-Pure fresh chilled chicken eggs have also received the Superior Taste Award with 3 stars, the highest score at the international level, and are rated AA for freshness under the grading criteria of the United States Department of Agriculture, or USDA, within a cold chain system at temperatures of 4 to 10 degrees Celsius. Meanwhile, S-Pure laying hens are raised using a 100% natural approach, supplemented with prebiotic and probiotic microbial feed, with no antibiotics, hormones, or growth promoters used throughout the rearing process.

Analysts at Kasikorn Securities Public Company Limited have unveiled their Thai equity investment strategy for the fourth quarter of 2026, expecting Thailand's investment upcycle, driven by data centre investment and the PDP26 plan, to support growth momentum from the fourth quarter of 2026 through 2027. They expect power generation capacity serving data centres to rise to 5–7GW by 2030, and have raised their SET index target to 1,680 points, shifting the calculation base to an end-2027 target based on a 2027 SET EPS of 105 points and a long-term average PE of 16 times. For the fourth quarter of 2026, they highlight two themes: stocks benefiting from the new investment cycle, namely BBL, DELTA and BGRIM, and stocks with earnings recovery coupled with cost pass-through ability and room for prices to catch up, namely SCGP and CPALL. Meanwhile, analysts at InnovestX Securities have raised their 2026 SET target from 1,600 points to 1,700 points to reflect a stronger-than-expected second quarter of 2026, robust investment and economic stimulus measures, viewing 1,550 points as an attractive level for gradual accumulation, and selecting AMATA, CENTEL, CRC, KTB and PR9 as their top picks for the fourth quarter of 2026. Analysts at Trinity Securities see global stock markets in the fourth quarter of 2026 entering a tug-of-war between macro factors weighing on sentiment and micro factors still supporting the market. They estimate the SET index trading range at 1,500–1,700 points, with a base case of around 1,630 points calculated from a forward PE of 14.8 times multiplied by this year's EPS of 110 baht, and recommend a sector rotation and stock selection strategy across five favoured groups: livestock, BTG and TFG; tourism, AWC and ERW; retail with company-specific catalysts, CRC and COM7; agricultural products, STA and TVO; and beneficiaries of private-sector investment, AMATA and STECON.

Phillip Securities (Thailand) says the overall food sector in the second half of 2026 is showing clearer signs of recovery. Farm-gate prices for live pigs in the eastern region rose to 79 baht per kilogram in late August to September 2026, up about 41% from the year's low of 56 baht per kilogram in February and up roughly 8% year on year, marking the first return to growth in three quarters. The average price in the third quarter of 2026 rose more than 12% from the previous quarter. The main driver was lower supply after small-scale farmers gradually reduced their breeding sow herds, which is expected to keep total pig volumes for all of 2026 at no more than 20 million head, down from an earlier estimate of 21 to 22 million head. Domestic broiler prices have risen steadily since late May 2026, with farm-gate prices at 46 baht per kilogram as of September 7, 2026, up about 21% from the low and up roughly 10% year on year, the strongest year-on-year growth of the year, driven by strong export demand, especially from Japan, Europe, and South Korea. As a result, advance orders for BTG and GFPT are full through the end of the fourth quarter of 2026.

Analysts say the baht is likely to weaken clearly after the US Federal Reserve raised its policy rate by 0.25% to 3.75-4.00% at its September 2026 meeting and the Bank of Japan raised its rate to 1.25%, while Thailand's policy rate stands at only 1%, making the interest rate differential a risk of capital outflows and pressuring the baht to weaken further. Prapak Sirivattanaket, Managing Director of Merchant Partners Securities, said on the MorningBrain program on the Tunhoon channel on September 17 that the rapidly strengthening US dollar is a factor pressuring regional currencies. Meanwhile, analysts from InnovestX Securities said the baht's depreciation is a positive factor for food stocks with export exposure, especially Thai Union Group, or TU, Charoen Pokphand Foods, or CPF, Betagro, or BTG, and GFPT. The research team recommends buying TU with a target of 16.00 baht, expecting second-half 2026 profit to grow from the first half, when margin was about 19.8%, after the company raised this year's sales growth target to 4-6% from 3-4%, and expects the full-year 2026 margin to rise to 19.5-20.5%. Analysts at Yuanta Securities (Thailand) recommend buying CPF with a target of 24.20 baht, expecting third-quarter 2026 normalized profit to grow from a year earlier on a recovery in domestic pork and chicken businesses, strong chicken export growth, and the weaker baht. It also recommends buying BTG with a target of 25.50 baht, estimating third-quarter 2026 normalized profit at about 1.4-1.6 billion baht, growing strongly from the previous quarter after pork and chicken prices rebounded sharply in a V-shape and as the export high season begins. It recommends buying GFPT with a target of 14.80 baht, expecting third-quarter 2026 normalized profit to grow from a year earlier because domestic chicken prices rose clearly, with the latest Department of Internal Trade live chicken price up more than 10% from a year earlier, while farming costs held steady.

KGI Securities has raised its investment weighting for the food sector to "overweight" from "neutral," stating that tighter livestock supply and higher meat product prices will drive profit recovery in the second half of 2026 through 2027, outweighing pressure from potentially higher animal feed costs. The research house cited the August 2026 update report from the World Meteorological Organization, which said the probability of El Niño intensifying to a very strong level has increased and could persist into early 2027. Domestic meat prices remain firm, with broiler chicken prices up 9% year-on-year and 13% quarter-on-quarter at 45.5 baht per kilogram. Pork prices were flat year-on-year but rose 11% quarter-on-quarter to 75.5 baht per kilogram. Sensitivity analysis showed that every 0.1 percentage point increase in gross profit margin would boost 2027 forecast net profit for Betagro, GFPT and Thaifoods Group by approximately 2.4%, 0.7% and 1.1% respectively. GFPT is the top pick with a target price of 11.40 baht, while BTG remains rated positive with a target price of 25.40 baht. TFG has no rating.

KGI Securities has upgraded its recommendation for Betagro (BTG) shares to 'Buy' from 'Hold', and raised its 2027 target price to 25.40 baht from 20.80 baht, citing expectations of strong pork and broiler chicken prices. Pork prices have risen to a yearly high of 73.5 baht per kilogram, while broiler chicken prices stand at 45.5 baht per kilogram, supported by recovering domestic demand and improved exports. Meanwhile, corn prices have fallen to 9.95 baht per kilogram, but other feed costs remain high. Overall, feed costs are expected to rise 1-1.5% in the second half, but this will be offset by higher meat selling prices. The brokerage has raised its pork price assumptions for 2026 to 67 baht per kilogram and for 2027 to 70 baht per kilogram, and increased broiler chicken prices to 41 baht per kilogram for both years. Although it has cut its 2026 profit estimate by 2.3%, it has raised its 2027 profit estimate by 4% to 5.3 billion baht, and increased the P/E to 9.4 times, reflecting better profit prospects.

Betagro Public Company Limited, or BTG, has launched the Perfecta brand of premium pet food to target a new generation of pet parents who prioritize nutrition and safety. Leveraging its strengths in Human Grade ingredients, fresh meat, and quality protein, along with formulas developed by nutritionists and veterinarians, the first product is Perfecta Wellness All-in-1, which covers three aspects: Healthy, Beauty, and Safety. It includes ingredients such as 3X Biotics and Superfood 6 Colors to support digestion and slow cell degeneration. Meanwhile, BTG plans to market both online and offline, using billboards in Bangkok and digital platforms like Facebook, YouTube, and TikTok, as well as KOLs to create widespread awareness.

The Department of Internal Trade met with the Swine Raisers Association, broiler and layer associations, and major operators on 20 August 2026 to monitor price conditions and manage supply balance. It said consumption demand has continued to rise under the Thai Helps Thai Plus programme, causing farm-gate prices to adjust in line with market mechanisms. Mr. Sitthiphan Thanakiatphinyo, president of the National Swine Raisers Association, said live hog farm-gate prices are at 72 to 74 baht per kilogramme, 1 to 2 baht above cost, and may edge up slightly over the next one to two weeks before stabilising until mid-September. Kasikorn Securities assessed that farm-gate pork prices are likely to rise by 2 baht per kilogramme because output has fallen as pigs grow more slowly and face higher illness risk during the rainy season, which is positive for CPF, BTG and TFG if feed costs do not increase.

Betagro Public Company Limited, or BTG, has set a 2026 sales target of 120 to 130 billion baht, rising to 150 to 160 billion baht in 2028, with expected average growth of 7 to 10 percent per year. The company aims to increase the share of high-margin products and channels, expand overseas markets, and accelerate cost reduction. This year's international sales target is 22 percent, high-margin products 60 percent, and high-margin channels 48 percent, while 2028 targets are 24 percent, 65 percent, and 52 percent respectively. The company expects capital expenditure of 4.2 billion baht this year, comprising 600 million baht for mergers and acquisitions and 3.6 billion baht for factory expansion and upgrades.

InnovestX Securities states that the signing of an MOU extending the employment period for over four million Myanmar workers in Thailand by another five years will help unlock the most critical labour bottleneck for Thailand's labour-intensive industrial sector. It also aims to push bilateral trade value to 12 billion US dollars, up from around 7.4 billion dollars, through accelerating border checkpoint restoration, using local currency payment systems, and promoting infrastructure investment, especially the Dawei Special Economic Zone project. However, risks remain from Western sanctions that could pressure the valuation of stocks with concessions or direct investment linked to the Myanmar military government. For short-term investment strategy, the firm recommends speculative trading based on news factors for beneficiary stocks, divided into two themes: groups directly benefiting from more stable labour cost management, such as CK, STECON, GFPT, BTG, CPF, and groups benefiting from a recovering border trade atmosphere, such as MEGA, TNP, CBG, OSP, CHG, BCH.

Bualuang Securities forecasts total net profit of listed companies in the second quarter of 2026 to grow 24 percent compared to the same period last year, and 2 percent from the previous quarter. Supporting factors include the energy and petrochemical sectors benefiting from improved oil prices, refining margins, and petrochemical spreads, as well as continued growth in telecommunications, electronics, industrial estates, retail, and hotels. Meanwhile, banking, meat, and hospital sectors still face pressure. Bualuang Securities recommends two investment strategies: selective play in stocks with still-strong profit growth and no earnings estimate cuts, such as PTT, PTTGC, ADVANC, TRUE, AMATA, GULF, GUNKUL, and WHAUP; and bargain hunting in stocks whose profits have passed their trough and are expected to recover in the second half, such as CBG, ERW, CPF, and BTG.

Analysts assess that the baht is likely to continue weakening in the third quarter of 2026, with Krungsri expecting a trading range of 32 to 34 baht per US dollar and full-year exports possibly expanding by 9.8 percent. Meanwhile, analysts at Bualuang Securities view that the agricultural and food export sector will clearly recover in the second half of the year, with the weak second-quarter earnings caused by geopolitical factors and freight costs marking the low point of the year. They therefore recommend accumulating BTG as the top pick, followed by CPF and ITC in the pet food segment, which is supported by real demand and an expanding new customer base. TU, on the other hand, mainly benefits from foreign exchange gains only.

Betagro Ventures, under Betagro Public Company Limited or BTG, has launched a new business called Dishdash, offering a full-service standard delivery kitchen in a Kitchen as a Service model. The first delivery kitchen is located in the Yen Akat area, which has high food delivery order volumes in Bangkok. The service covers standard kitchen space, cooking equipment, a team of professional kitchen staff, and a comprehensive restaurant management system. It aims to help small and medium restaurant operators reduce costs and risks when starting or expanding their business, with a monthly service fee. Mr. Chayatorn Taepaisitphongse, Chief Executive Officer of the Agro-Industrial and New Business Group at BTG, stated that this model was developed to address the needs of operators who are still hesitant due to high investment requirements and intense competition in the restaurant industry. He also revealed that restaurant partners have already joined the service, such as Yong Seng Lee Ancient Sukiyaki Hainanese Style, Tang Fu Mala, and Lan Por Neua Tom.

Brokers are advising investors to gradually accumulate stocks in the meat and beverage sectors before the impacts of the El Niño phenomenon become pronounced from late this year into early next year. This follows the NOAA Climate Prediction Center's official declaration on June 11, 2026, that the world has entered El Niño conditions, with a 63% chance it will intensify into a super El Niño between November 2026 and January 2027. This could bring hotter and drier weather than usual to Thailand. Historically, during super El Niño periods, Thailand's average annual rainfall dropped to about 1,446 millimeters, roughly 9.4% below the 40-year long-term average of 1,596 millimeters, while maximum temperatures reached around 41 degrees Celsius, about 2 degrees above normal. In the meat sector, particularly pork, prices are likely to benefit from upward pressure as heat stress slows pig growth and raises disease risk, reducing market supply. Data from 2004 to 2023 shows pork prices rose an average of about 17% during El Niño periods, compared to an average increase of around 12% for chicken. Meanwhile, the beverage and convenience store sectors are expected to be supported by higher beverage consumption during hot weather. Brokers therefore recommend meat stocks such as BTG, TFG, and CPF, and beverage stocks including ICHI, CBG, and OSP, as well as convenience store operator CPALL.