Company Coverage
Betagro (BTG TB): 2Q26 Results Preview: Earnings To Drop yoy And qoq
BUY (Maintained)
Current price:
Target price:
Upside:
Bt21.20
Bt24.80
+16.98%
Analyst
Highlights
- We expect BTG’s 2Q26 core profit to decline to Bt741m (-71.7% yoy and - 22.8% qoq).
- The key pressure on 2Q26 earnings is lower profitability due to softer broiler prices and the lack of recovery in domestic swine prices.
- Looking ahead, we expect BTG's earnings to bottom out in 2Q26 and recover qoq in 3Q26, supported by the recovery in both domestic swine and broiler prices starting from Jul 26.
- Maintain BUY with a target price of Bt24.80.
Analysis
- 2Q26 earnings to drop yoy and qoq. We forecast Betagro’s (BTG) 2Q26 net profit at Bt609m (-76.5% yoy and -39.2% qoq). Excluding the one-off expenses related to the write-off of tax credit from the Cambodia business, we expect 2Q26 core profit to decline to Bt741m (-71.7% yoy and -22.8% qoq). The results should come in below our previous expectations due to: a) the slower-than-expected recovery in domestic swine prices, and b) the Newcastle disease outbreak in chicken, which led to an oversupply in the domestic market and put pressure on domestic chicken prices during May Jun 26.
Highlights
- We expect BTG’s 2Q26 core profit to decline to Bt741m (-71.7% yoy and - 22.8% qoq).
- The key pressure on 2Q26 earnings is lower profitability due to softer broiler prices and the lack of recovery in domestic swine prices.
- Looking ahead, we expect BTG's earnings to bottom out in 2Q26 and recover qoq in 3Q26, supported by the recovery in both domestic swine and broiler prices starting from Jul 26.
- Maintain BUY with a target price of Bt24.80.
Analysis
- 2Q26 earnings to drop yoy and qoq. We forecast Betagro’s (BTG) 2Q26 net profit at Bt609m (-76.5% yoy and -39.2% qoq). Excluding the one-off expenses related to the write-off of tax credit from the Cambodia business, we expect 2Q26 core profit to decline to Bt741m (-71.7% yoy and -22.8% qoq). The results should come in below our previous expectations due to: a) the slower-than-expected recovery in domestic swine prices, and b) the Newcastle disease outbreak in chicken, which led to an oversupply in the domestic market and put pressure on domestic chicken prices during May Jun 26.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt21.20
Bt24.80
+16.98%
Analyst
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