Charoen Pokphand Foods Public Company Limited

Asia Plus Securities reported that meat prices in Thailand moved in different directions in September 2026. The average pork price, based on CPF data, stood at 70 baht per kilogram, edging down 2.8% month-on-month as supply increased after small-scale farmers released pigs amid concerns over disease outbreaks, along with pressure from some smuggled imports. Meanwhile, broiler chicken prices rose slightly by 1.1% month-on-month to 45.50 baht per kilogram, the highest level in nearly four years, driven by a balance between demand and supply and continued strong export demand for chicken. On feed raw material prices in Thailand in September, corn weakened 1.5% month-on-month to 9.85 baht per kilogram as new output entered the market, while soybean meal rose 9.5% month-on-month to an average of 18.50 baht due to higher energy costs and volatile weather. Tuna prices in September averaged 2,275 dollars per tonne, up 8% month-on-month, due to higher costs of operating fishing vessels as oil prices rose, the FAD Ban measure prohibiting the use of fish aggregating devices, which reduced catch volumes, and the impact of weather and monsoons in fishing areas, causing tuna supply to tighten more than usual. The research team estimates that Thai meat prices in October may soften due to rain, flooding and the vegetarian festival, before gradually recovering in November and December when the tourism season and year-end festivals begin, which will support consumption. As for feed costs, although they tend to rise, especially soybean meal, large operators such as CPF have locked in raw material costs in advance through the first and second quarters of next year, which helps limit cost volatility to some extent. For the TU group, the research team estimates tuna prices are likely to weaken in the fourth quarter of 2026 as the normal fishing season begins, increasing the volume of fish caught. In addition, the effects of Super El Niño are pushing tuna schools to move more into the West and Central Pacific, an area where fishing is easier, so supply is likely to recover. The research team maintains an overweight stance on this group. For the land meat group, it assesses that both domestic pork and chicken prices in the third quarter of 2026 were higher quarter-on-quarter, while farming costs, although soybean meal rose, were offset by a larger decline in corn, and existing stocks also provided support, so the third quarter of 2026 is expected to be better than the second quarter of 2026. It therefore maintains a buy recommendation on CPF and advises accumulating GFPT when prices weaken. For the tuna and pet food business group, although it may face pressure from higher tuna costs, the research team still prefers ITC over TU due to its better ability to pass on costs to customers and an additional positive factor from an M&A deal expected to become clearer within the fourth quarter of 2026.

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.

Asia Plus Securities Public Company Limited, or ASPS, recommends that investors raise their cash holdings to 30% - 40% of their portfolios and shift strategy toward seeking out "stocks resilient to selling pressure" to cope with pressure on the Thai capital market from both domestic and foreign sources, particularly the selling by foreign investors who dumped Thai stocks for 7 consecutive trading days between September 22 and 30, totaling more than 30,572 million baht, pushing trading value to exceed 100 billion baht. The safe-haven stocks are divided into two main groups. The first group benefits from the weak baht amid foreign selling, namely CPF, ITC, KCE and HANA. The second group consists of low-volatility stocks entering their high season (Defensive & Healthcare), namely BH, BDMS, BCH and PR9. Meanwhile, the 5 standout stocks and DRs recommended to cope with the volatile market conditions are AAPL80, on the positive factor of the upcoming launch of 3 new smartphone models in the middle of this month; GOOGL01, on positive sentiment from the launch of the AI model "GEMINI 4 ARGON" that has risen to number 1 in the world; BDMS, on its third-quarter 2026 operating results that are clearly recovering, with revenue in July-August growing 8-9% compared with the same period last year, while the share price remains a laggard; CK, after the unlocking of the barcode law issue supports progress on the 2027 budget and new bidding projects, along with receiving dividends from its subsidiaries BEM, CKP and TTW; and ITC, whose fourth-quarter 2026 profit trend is expected to recover strongly compared with the previous quarter and which is a stock that directly benefits from the weakening baht trend.

Asia Plus Securities warns that the Thai economy is facing multiple compounding negative factors at once. Foreign investors sold Thai stocks on a net basis for seven consecutive trading days, totaling 30.572 billion baht between September 22 and 30, pushing trading value above 100 billion baht, with only four SET100 stocks closing higher. The main pressure comes from the 10-year US government bond yield, which surged to 5.30%, the highest since 2007, while US inflation remains above the 2.0% target after the August 2026 PCE index expanded 3.4%. Domestically, the Royal Irrigation Department increased water discharge from the Chao Phraya Dam to 2,500 cubic meters per second and expects water from Nakhon Sawan to reach 3,000 cubic meters per second on October 2. It estimates flood damage over one week could reach 5 billion to 10 billion baht and could push third-quarter 2026 GDP down to 2.1% to 2.2%. At the same time, during Golden Week from October 1 to 7, Thailand faces image risks from flooding and airport baggage problems, while the public debt-to-GDP ratio stands at 67.45%, near the 70% fiscal discipline ceiling. The research team recommends shifting strategy from seeking rising stocks to seeking stocks resilient to selling pressure, and raising cash holdings to 30% to 40% of the portfolio, choosing stocks that benefit from a weak baht such as CPF, ITC, KCE and HANA, along with low-volatility and healthcare names such as BH, BDMS, BCH and PR9.

Asia Plus Securities assessed CPF stock, maintaining a Buy recommendation with a 2027 fair value of 25.00 baht, citing its leadership in the integrated food and agriculture business. The research team noted that management remains cautious on the global meat industry, prioritizing efficiency gains, cost control, and risk management over accelerating production capacity expansion. Meanwhile, its growth strategy still emphasizes the Food business over Feed and Farm, through increasing the share of value-added food products, ready-to-eat foods, and ready meals. As for the Vietnam IPO plan, it continues to proceed as scheduled. On the earnings outlook, 2H69 is expected to be better than 1H69 and could recover further in 1H70 if the swine business in China begins returning to breakeven as expected. The stock also remains attractive, with an expected dividend yield above 4% per year.

Kasikornbank Securities said Thailand is accelerating negotiations on a Thailand-EU FTA, which is now more than two-thirds complete, with a decisive round of talks set for September 28. It is also reviving the Thailand-UAE CEPA after a hiatus of more than three years. Both agreements would help expand exports, attract FDI and diversify markets toward Europe and the Middle East, though conclusions are still needed on sensitive issues covering agriculture, medicine and regulations. The research team views this as a positive for sentiment toward food exporters, autos, electronics and industrial estates such as CPF, TU, DELTA, KCE, HANA, AMATA and WHA, but the impact on earnings will become clear only after negotiations conclude and the agreements take effect.

The Ministry of Commerce reported Thailand's trade figures for August 2026, with exports expanding 24.3% year-on-year. Although this was below the market expectation of 24.8% year-on-year, it accelerated from 21.6% year-on-year in July 2026. Meanwhile, imports expanded 25.1% year-on-year, below market expectations and below July 2026's 30.0% year-on-year and 36.7% year-on-year respectively. Among export goods that grew well in the agricultural product group were fresh, chilled, frozen and dried fruit, up 24.0%; rubber, up 23.2%; fresh, chilled and frozen shrimp, up 18.8%; and processed chicken, up 10.5%. In the agro-industrial product group, pet food grew 17.5% and canned and processed seafood grew 4.8%. In the industrial product group, video and audio equipment and parts grew 1,155.7%; telephones, equipment and parts grew 151.2%; electrical transformers and parts grew 55.6%; computers, equipment and parts grew 42.1%; electrical appliances and parts grew 40.9%; integrated circuit boards grew 19.2%; and gems and jewelry, excluding gold, grew 3.2%, returning to growth after contracting the previous month. The research team at Phillip Securities sees this as positive sentiment for export stocks in the categories that grew well, as well as stocks related to those export goods, and views it as a boost for industrial estate and utility stocks. It selected 17 standout stocks: in the agricultural product group, CPF, NER, STA and TEGH; in the agro-industrial product group, AAI, ITC and TU; in the industrial product group, CCET, DELTA, HANA, HTECH and KCE; and in the industrial estate and utility group, AMATA, BGRIM, GPSC, ROJNA and WHA.

Charoen Pokphand Foods, or CPF, and its affiliate AXONS have won two awards at the Asian Technology Excellence Awards 2026, organised by Asian Business Review in Singapore, recognising their use of AI to boost efficiency, improve the employee experience and deliver concrete business results. CPF received the Thailand Technology Excellence Award for AI – Agriculture for its EZ HR Chatbot, an AI human resources assistant, while AXONS won the Thailand Technology Excellence Award 2026 in the AI – Manufacturing Technology category for AXONS Maintenance, an AI-driven maintenance management system. Pimonrat Reephattanavijitkul, Chief People Officer at CPF, said the EZ HR Chatbot handles more than 70,000 queries a month, cutting the time needed to find information by around 80% and saving a total of more than 4,667 working hours per month. Sompob Tangboonthina, Director of Technology and Delivery Management at AXONS, said AXONS Maintenance has reduced unplanned machine downtime by as much as 40% and cut maintenance costs by 30%.

The US Federal Reserve voted unanimously 12–0 to raise interest rates by 0.25% to a range of 3.75–4.00%, its first hike since 2023, and signaled it may raise once more this year. Its latest projections put the year-end 2026 rate at about 4.1%, with 2027 likely holding steady before a possible cut in 2028. Several brokers assess the meeting as negative for the Thai stock market in the short term, because US Treasury yields and the dollar are likely to strengthen, which could pressure foreign capital flows and share prices, especially growth stocks and those with high P/E ratios, amid inflation still above the 2% target and oil prices holding above 100 dollars a barrel, forcing the market to cope with a prolonged period of high interest rates. Tisco Securities estimates the SET will move in a range of 1,570–1,660 points, with support at 1,570–1,580 points and resistance at 1,630 and 1,660 points, and highlights the energy and commodities group such as PTTEP, PTT, SPRC, TOP, IVL, PTTGC, CPF, TFG, GFPT, TVO, SCGP and SCCC; the banking and insurance group such as KBANK, KTB, TTB, BLA and TLI; and the AI, infrastructure and power group such as HANA, AMATA, WHA, GULF, EGCO, ADVANC, TRUE and STECON. Meanwhile, Krungsri Securities favors domestic and defensive plays with clear revenue and cash flow, especially BDMS and BCH, and warns that expensive, rate-sensitive stocks such as DELTA could come under pressure if the Fed signals more sustained rate hikes than the market expects.

Asia Plus Securities assessed that agri-food stocks outperformed the market yesterday, led by ITC up 7.27%, followed by TU up 5.65%, CPF up 2.70% and GFPT up 1.90%, compared with the SET which rose 1.32%. The gains are expected to have been supported by the baht's weakening trend in line with the US dollar's appreciation after the Fed raised interest rates by 0.25% for the first time in more than three years and signalled continued tightening of monetary policy, bringing food exporter stocks back into focus. Meanwhile, second-half 2026 earnings are expected to recover from the first half of 2026 on seasonal factors in seafood, pet food and chicken meat exports. The research team maintains an "overweight" investment rating for the agriculture and food sector, with ITC still the top pick on the back of strong second-half 2026 profit prospects, product price increases and the opportunity for further growth through future M&A. GFPT and CPF benefit from the upcycle in meat, pork and chicken prices and still-strong chicken export prospects, while TU is supported by a recovery in operating efficiency as well as the potential benefit from Super El Niño conditions, which could help lower tuna costs in 2027.

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.

Charoen Pokphand Foods Public Company Limited, or CPF, informed the Stock Exchange of Thailand that it has established a new subsidiary in Cambodia to engage in the food products trading business. The new company is named Kraya Food Co., Ltd. with registered capital of 200 million Cambodian riel, or approximately 1.64 million baht. C.P. Cambodia Co., Ltd., a subsidiary of CPF, holds 100% of the shares. The funding for the establishment of this subsidiary came from the cash flow of C.P. Cambodia Co., Ltd., and the purpose of the establishment is to conduct the food products trading business in Cambodia.

Charoen Pokphand Foods Public Company Limited (CPF) announced the expansion of its beverage business by investing in Brew Factory Company Limited (BREW) for 334.7 million baht, representing a 51% stake. Its subsidiary, CPF Food and Beverage, will purchase shares from existing shareholders for 43.60% at a value of 235.3 million baht, and will also subscribe to newly issued shares worth 99.4 million baht. BREW was established to take over the bottled drinking water and mineral water production business from North East Water (Thailand), which has ceased operations. It operates a factory in Surin Province with a production capacity of 295 million liters per year, and its main revenue comes from contract manufacturing and distribution of drinking water under the brand "Sabai Drinking Water." In 2025, North East Water reported revenue of 1,119.9 million baht and net profit of 68.7 million baht, while BREW, in the first five months, had revenue of 210 million baht and net profit of 15 million baht. This investment builds on the acquisition of a beverage business in Vietnam in August and the launch of the health drink INNOWENESS. Analysts at Finansia Syrus Securities view that this deal could generate annual profits of 40-50 million baht for CPF, representing only 0.2% of its annual profit, and is not yet significant to its performance.

El Niño is likely to persist into early 2027, with NOAA data indicating an 81% chance of it developing into a VERY STRONG EL NIÑO during October-December 2026, leading to drought in Thailand and Asia. Meanwhile, the Thai stock market is less affected than other regions due to its index structure, where commodity-linked and banking stocks together account for more than half of the market. According to Mr. Pharadorn Teanprasert, Director of Research at Asia Plus Securities, beneficiary stocks include agricultural, food, and vegetable oil sectors such as KSL, KTIS, BRR, CPF, TFG, GFPT, and TVO, as well as energy and refinery groups like TOP, SPRC, IRPC, and BCP, due to potentially higher refining margins. Commercial banks also benefit from inflation and interest rate spreads. The SET Index has a 30% weight in commodities and 20% in banks, making Thailand an attractive haven during global supply shocks.

CPF forecasts strong earnings growth in the second half of 2026, supported by higher hog and chicken prices, as well as the "Thai Helps Thai Plus" measure that boosts sales, particularly through about 25,000 fresh market stalls, of which 60-70% participate, and franchises and food carts with 100% participation. Overseas businesses continue to grow, especially in the UK from chicken sales to KFC and Wingstop, while operations in Denmark, Sweden, and Japan are also improving. Broker Asia Plus expects Q3 2026 profit to grow quarter-on-quarter on better gross margin, with a "Buy" recommendation and a fair price of 25 baht per share. Meanwhile, CPFFB, a subsidiary (99.99% owned by CPF), will invest 51% in Brew Factory (BREW), a drinking water producer, for 334.7 million baht, which is only 0.06% of net assets, so it will not affect financial position but is considered a strategic investment.

Kasikorn Thai Securities stated that CPF, through its subsidiary CP Food and Beverage, invested 334.7 million baht to acquire a 51% stake in Brew Factory, a producer of drinking water and mineral water in Surin. The plant has an annual production capacity of 295 million liters, and BREW reported revenue of 210 million baht and net profit of 15 million baht in the first five months of 2026. The investment is divided into 235.3 million baht for purchasing existing shares and 99.4 million baht for a capital increase. The research house views this as slightly positive strategically, as it increases exposure to the low-volatility beverage business, but the impact on near-term earnings is minimal, with an annual profit share of only 18 million baht compared to the expected 2026 profit of 20.2 billion baht. The deal value implies a PE of 15 times and a PBV of 1.85 times, which is not cheap compared to the beverage group trading at 11-15 times. The research house maintains a Buy recommendation with a target price of 24.80 baht, reflecting a PER of 11.8 times 2026 EPS and 9.9 times 2027 EPS. Key factors to monitor are sales growth and capacity utilization; if delayed or facing high competition, it could become an asset-heavy business with low returns.

CPF, or Charoen Pokphand Foods, announced an investment in Brew Factory Company Limited, or BREW, a producer and distributor of bottled drinking water and mineral water in Thailand, through its subsidiary CPF Food and Beverage Company Limited, or CPFFB, in which CPF holds a 99.99% stake. CPF will acquire 43.6% of existing shares for 235.3 million baht and subscribe to a capital increase of 7.4% for 99.4 million baht, totaling an investment of 334.7 million baht, representing a 51% shareholding. After this transaction, BREW will become a subsidiary of CPF. BREW was established in 2015, is located in Surin Province, and has a production capacity of 295 million liters per year. Its main revenue comes from OEM manufacturing and the sale of its drinking water brand "Sabai Drinking Water." For the first five months of 2026, BREW reported revenue of 210 million baht and a profit of 15 million baht. Research analysts view this transaction as small, accounting for only 0.06% of total net assets, so it will not affect the financial position, and internal cash flow will be used as the funding source. The transaction value implies a PER of approximately 10 times, which is considered inexpensive and below the group average. Although it will not affect earnings estimates in the short term, it is a strategic investment to leverage CPF's network to expand its drinking water business in the long term. The research team maintains a "Buy on Weakness" recommendation with a 2027 fair value of 25.00 baht.

Analysts from Asia Plus Securities revealed that the Thai stock market is facing three domestic hot issues that are shaking investor confidence. These include the crisis of data center oversupply in Bangkok, which is concentrated in as many as 45 locations, prompting the Ministry of Finance and the Ministry of Digital Economy and Society to review and inspect unauthorized operators. This has turned the theme from positive to a regulatory risk, potentially delaying BOI approvals and foreign direct investment (FDI). The second issue is the drama surrounding the TH-AI PASSPORT project, which may be delayed or subjected to strict scrutiny, putting pressure on stocks in the AI DEVICE, AI SERVICE, and DIGITAL ADOPTION themes in the short term. The third issue is the wave of allegations regarding senator elections, with a conflict between the 26th inquiry panel, which proposed prosecuting 229 people, and the 36th adjudication subcommittee, which dismissed the petition. A decision is awaited on September 14, 2026, which may slow fund inflows. Although this does not directly affect listed companies' profits, amid this pressure, three standout stocks with specific positive factors are recommended: PTT, which benefits from recovering oil prices due to the war; SCC, which gains from low-carbon cement and the olefins merger with PTTGC; and CPF, which benefits from a weaker baht and improving domestic livestock prices, supporting a recovery in third-quarter profits.

Charoen Pokphand Foods Public Company Limited (CPF) announced an investment in Brew Factory Company Limited (BREW), which operates a business producing and selling bottled drinking water and mineral water. CPF Food and Beverage Company Limited (CPFFB), a subsidiary in which CPF indirectly holds 99.99%, will acquire a total of 51% of shares, valued at 334.7 million baht. This consists of purchasing 43.60% from existing shareholders for 235.3 million baht and subscribing to 184,400 newly issued shares for 99.4 million baht. After the transaction is completed, BREW will become a subsidiary of CPF. This investment aligns with the strategy to expand the drinking water business, which is linked to the core business, and the transaction size represents 0.06% of CPF's total net assets, which does not meet the threshold for a significant transaction.

Charoen Pokphand Foods Public Company Limited (CPF) has announced that its subsidiary, CPF Food and Beverage Company Limited (CPFFB), in which CPF holds an indirect stake of 99.99%, will invest in Brew Factory Company Limited (BREW), acquiring a 51% stake with a total investment value of 334.7 million baht. BREW is a company registered in Thailand that operates the production and sale of bottled drinking water and mineral water. The investment is divided into two parts: on September 1, 2026, CPFFB will purchase ordinary shares from existing shareholders of BREW, representing 43.60% of the issued and paid-up shares, for 235.3 million baht, and within 30 days from that date, BREW will increase its registered capital by issuing 216,940 new ordinary shares, of which CPFFB will subscribe to 184,400 shares for 99.4 million baht. After the transaction is completed, BREW will become a subsidiary of CPF, which aligns with the strategy to expand investment into the drinking water business that is linked to the core business and has growth potential.

Charoen Pokphand Foods Public Company Limited (CPF) has announced that its indirect subsidiary, CPF Food and Beverage Company Limited (CPFFB), in which CPF holds a 99.99% stake, will invest in Brew Factory Company Limited (BREW), a producer and distributor of bottled drinking water and mineral water from Surin Province. CPFFB will acquire ordinary shares from existing shareholders, representing 43.60% of BREW's issued and paid-up shares, for 235.3 million baht, and will subscribe to 184,400 newly issued shares for 99.4 million baht, bringing the total investment to 334.7 million baht, equivalent to a 51% stake in BREW. This investment aligns with CPF Group's plan to expand into the drinking water business, which is linked to its core operations and has growth potential.

Charoen Pokphand Foods Public Company Limited (CPF) has announced an investment in Brew Factory Company Limited (BREW), a producer and distributor of bottled drinking water and mineral water. A subsidiary in which CPF holds an indirect stake of 99.99%, CPF Food and Beverage Company Limited (CPFFB), will hold a total of 51% of shares, representing an investment value of 334.7 million baht. The investment is divided into two parts. On September 1, 2026, CPFFB will purchase shares from existing shareholders of BREW, representing 43.60% of the issued and paid-up shares, for 235.3 million baht. Then, within 30 days from that date, BREW will increase its registered capital and issue 216,940 new ordinary shares, of which CPFFB will subscribe to 184,400 shares, representing an investment of 99.4 million baht. After the transaction is completed, BREW will officially become a subsidiary of CPF. This investment aligns with the group's business expansion plan into the drinking water business, which is linked to its core business and has growth potential, helping to diversify its business portfolio and create long-term growth opportunities.

Charoen Pokphand Foods Public Company Limited (CPF) is preparing to offer subordinated capital-like bonds, the first series of 2027, redeemable upon company dissolution, with the issuer having the right to early redemption and to defer interest payments. The subscription period is expected to be from January 18-21, 2027, for general investors with a minimum investment of 100,000 baht, through 14 leading financial institutions. The interest rate will be announced later. This bond series has been assigned a credit rating of BBB+ with a stable outlook by Tris Rating on August 4, 2026, while the company's corporate rating is A with a stable outlook, reflecting the strength of its financial position and its global leadership in the agro-industrial business, with production bases spread across 17 countries and covering more than 50 markets. In the first six months of 2026, CPF reported sales revenue of 283,883 million baht and net profit of 8,951 million baht, with international revenue accounting for 66% and domestic revenue 34%. The company is poised to benefit from positive factors in the second half of the year, driven by the recovery in meat prices.

Asia Plus Securities recommends that investors increase their cash allocation and focus on stocks with strong fundamentals, after Vietnam's stock market is set to gain a higher weighting in the FTSE Russell index. The move is expected to attract around 3 billion US dollars, or approximately 100 billion baht, in foreign investment over four phases from September 2026 to September 2027. This has triggered profit-taking across Asian equity markets, including the Thai stock market, which has faced net selling of more than 112.5 million US dollars. The research team recommends Bangkok Bank, Charoen Pokphand Foods, and Bangkok Dusit Medical Services, while also suggesting hedging foreign portfolio risk through gold depositary receipts GOLD19 and Disney depositary receipts Disney19. This comes amid uncertainty over US import tariffs on Chinese goods, which are set to rise by another 7.5 percent to 20 percent before the US-China leaders' meeting on 24 September 2026, and as US public debt has reached 40.05 trillion US dollars.

Charoen Pokphand Foods, or CPF, has announced an interim dividend of 0.45 baht per share. The stock will trade ex-dividend on 31 August 2026, with payment on 11 September 2026. If an investor used 300,000 baht to buy CPF shares at 23.40 baht on 21 August 2026, they would receive about 12,800 shares and earn roughly 5,760 baht in dividends before tax. However, investing still carries risk from share price volatility, which could affect the cost.

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.

CPF shares rose 2.67% to 23.10 baht after ASL Securities took a positive view on the profit outlook for the second half of 2026, expecting net profit to expand both compared with the first half and the same period last year. This is supported by Thai swine prices, which are expected to rise 23% to 75 baht per kilogram, and Chinese swine prices, which have already passed their lowest point. Management sees a chance for Chinese swine prices to recover to 12 to 13 yuan per kilogram from 10.1 yuan in the second quarter of 2026, while demand for chicken exports to Europe is expected to grow 8 to 9 percent. ASL Securities maintained a buy recommendation with a 2027 target price of 24.10 baht, based on a price-to-earnings ratio of 9.2 times, and expects a 2026 dividend yield of 4.0 percent. CPF will pay an interim dividend of 0.45 baht per share, with the stock trading ex-dividend on 31 August 2026 and the dividend paid on 11 September 2026.

Asia Plus Securities has warned that three risk factors are pressuring risky assets worldwide, dragging Asian equities sharply lower, and expressed concern over the Thai economy after the second-quarter current account deficit reached as high as 17.7 billion US dollars, or about 12 percent of GDP, the most severe compared with past crises. The brokerage recommends investors adjust portfolios defensively, focusing on commodities, energy, retail, and high-dividend stocks, while highlighting PTT, CPF, and KLINIQ as safe-haven picks. The three risk factors are tensions in the Strait of Hormuz, which pushed Brent crude to 91.3 US dollars per barrel, the highest in 25 days; the 10-year US Treasury yield rising to 4.71 percent and the 30-year yield touching 5.29 percent, pressuring technology stock valuations; and institutional investors increasing short positions in NASDAQ100 futures by more than 41 percent over two weeks to 109,700 contracts. That sent the NASDAQ index to its lowest in two weeks and dragged the KOSPI down 5.46 percent, the Nikkei down 2.37 percent, Taiwan down 1.20 percent, and Singapore down 1.16 percent. For the Thai economy, the current account in the second quarter of 2026 swung to a deficit for the first time in eight quarters, due to surging imported fuel costs and freight rates. The trade balance recorded a deficit of 12.1 billion US dollars, while the services balance deficit also widened, pressuring the baht. Foreign investors opened net short positions in TFEX as high as 23,212 contracts in a single day and have sold a net total of more than 6.2 billion baht in Thai equities since the start of the month. Asia Plus Securities recommends a selective buy strategy in three main groups: beneficiaries of higher oil prices and freight rates such as PTTEP, PSL, RCL, and PRM; companies with recovering third-quarter 2026 earnings and benefits from a weaker baht such as CPF, ITC, DELTA, HANA, KCE, BH, BDMS, and PR9; and domestic consumption, tourism, and advertising media names such as CPALL, CENTEL, ERW, and VGI. The top picks of the day are PTT, which benefits from oil prices and offers high dividends; CPF, which gains from the weaker baht and recovering meat prices and is set to trade ex-dividend on 31 August 2026 with an interim dividend of 0.45 baht per share; and KLINIQ, whose second-half outlook is strong with a chance of raising its sales target from the current expected growth of 20 percent year on year.

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.

Phillip Securities Thailand says CPF reported second-quarter 2026 net profit of 4.076 billion baht, down 61 percent from a year earlier, while sales revenue was 147.186 billion baht, flat from the prior year. Profit was pressured by low hog prices across the region, especially in China, as well as higher energy and freight costs. However, the company managed expenses and reduced financial costs better. The second half shows clear recovery signs, with hog prices in Thailand, Vietnam and China expected to improve, especially Chinese hog prices which could rise to 12 to 13 yuan per kilogram in the fourth quarter of 2026 after the government moved to cut the sow herd to address oversupply. In addition, the chicken export business has a positive outlook from the high season and strong demand in Japan and Europe. The company has also stocked raw materials for more than 100 days to manage risk from volatile corn prices. The IPO of its Vietnam business is still progressing, currently awaiting approval from regulators, with a target to launch the share sale within 2026, which would help unlock business value and strengthen its financial position. Phillip Securities maintains its 2026 profit forecast at 21.264 billion baht and a target price of 23.30 baht, implying upside of about 3.5 percent, while expecting a full-year dividend of 1.01 baht per share, a dividend yield of about 4.5 percent. It recommends gradually accumulating the stock.

Bualuang Securities released its review of the financial statements of 11 companies, finding that 8 reported better-than-expected profits: GUNKUL, CK, SPRC, CPF, CBG, AWC, HANA, and BCH. STECON and BH posted profits in line with expectations, while BTS reported a smaller loss than expected. GUNKUL posted core profit of 567 million baht, 7% above expectations. CK posted core profit of 800 million baht, 17% above expectations, and announced an interim dividend of 0.20 baht per share. SPRC posted core profit of 7.09 billion baht, 11% above expectations, and announced a first-half dividend of 0.50 baht per share. CPF posted core profit of 4.57 billion baht, 13% above market expectations. CBG posted core profit of 736 million baht, 13% above expectations. AWC posted core profit of 232 million baht, above expectations. HANA posted core profit of 278 million baht, 25% above expectations. BCH posted core profit of 343 million baht, 13% above expectations, and announced an interim dividend of 0.15 baht per share. STECON posted core profit of 910 million baht, in line with expectations. BH posted core profit of 1.89 billion baht, in line with expectations, and announced an interim dividend of 4 baht per share. BTS reported a core loss of 601 million baht, smaller than the slight profit originally expected.

Asia Plus Securities' research department said second-quarter 2026 profits of Thai listed companies were the highest on record, beating expectations by about 13%, but still lagging US tech stocks, where NASDAQ beat expectations by 53%, causing some funds to rotate into tech stocks and keeping Thai stocks under pressure and hard to move. It recommends stocks with supportive factors, namely PTT, GULF, GPSC, BGRIM, and stocks expected to post standout third-quarter profits, namely CPF, BDMS, BH, PR9, and KCE. Data from 594 companies, representing 98% of market capitalisation, show second-quarter 2026 net profit surged to 386 billion baht, growing 10.8% quarter-on-quarter and 12.5% year-on-year, with the energy sector contributing as much as one-third of profits. Commodity-linked stocks such as energy, petrochemicals, food, and agriculture accounted for as much as 44% of total market profit, compared with the normal level of about 30%. First-half profit already accounted for more than 60% of full-year estimates, making third- and fourth-quarter profit targets of only about 19% per quarter, or roughly 228 billion baht, not difficult to achieve. There is also a chance that full-year EPS estimates will be revised upward at year-end, adding upside to the SET Index.

Charoen Pokphand Foods, or CPF, announced that C.P. Vietnam Corporation, a subsidiary in which CPF indirectly holds 100 percent, has entered into a share purchase agreement for common shares of Les Vergers Du Mekong Joint Stock Company, or LVDM, with LVDM shareholders. The total value is 235.058 billion Vietnamese dong, or approximately 336 million baht, representing 76.57 percent of LVDM's issued and paid-up shares. After the transaction is completed, LVDM will become a subsidiary of CPF. LVDM is a company incorporated in Vietnam and operates in the production and distribution of premium non-alcoholic beverages and fruit-based food products. The acquisition of LVDM will help the CPV group enter the beverage business and create growth opportunities, including expansion into export markets in the future.

Bualuang Securities assesses the SET Index over the final five months of 2026 to be in a sideways-up trend, with a range of 1,580 to 1,700 points. Mr. Piriyapol Khongwanit, Director of Investment Analysis for Wealth Management at Bualuang Securities, stated that first-half earnings of Thai listed companies grew strongly, leading to an upward revision of the market's earnings per share estimate by about 4% to 103 baht. When rolling over to mid-2027, the SET Index target becomes 1,710 points. The index is expected to peak in the fourth quarter, supported by the high season for tourism, stable high crude oil prices, and continued foreign capital inflows. Notably, net inflows in July reached as high as 47 billion baht, bringing total net purchases since the start of the year to around 74 billion baht. In the second half, there is potential for additional foreign inflows of 160 to 200 billion baht. On investment strategy, a barbell portfolio is recommended, balancing growth stocks and high-dividend stocks, highlighting five key themes: Long-term Growth, such as GULF, WHAUP, and GUNKUL; Defensive and Yield Play, such as KTB; Normalization and Stimulus, such as COM7, CRC, ERW, and CBG; Event Play from Super El Niño, such as CPF, BTG, and ICHI; and Geopolitical and Inflation Hedge, such as PTT and PTTGC. It also advises avoiding property and asset management stocks due to fragile domestic purchasing power. Meanwhile, US technology stocks remain positive despite short-term corrections, recommending accumulation of quality growth names with clear earnings and valuation support. For Thai technology stocks, only short-term speculative trading is suggested. Mr. Chaiporn Nompitakcharoen, Managing Director of Securities Business at Bualuang Securities, disclosed that for the final five months, the recommended portfolio allocation is 74% equities, 22% fixed income, and 4% alternative assets and gold. The US stock market is viewed as the most attractive, while the firm continues to expand its wealth advisory business and promote block trades to capture the uptrend.

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.