Company Coverage
GFPT (GFPT TB): 2Q26 Results Preview: Earnings To Increase QOQ
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt9.70
Bt10.00
+3.09%
Analyst
Highlights
- We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation.
- Qoq improvement is expected to be driven by higher export volumes following seasonality and raw material cost lock-in.
- However, we project that the earnings momentum in 2H26 will remain unexciting due to higher raw material costs and a high base in 3Q25.
- Maintain HOLD with a target price of Bt10.00.
Analysis
- 2Q26 earnings expected to grow qoq but decline yoy. We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation. The yoy decline is mainly attributable to lower export volumes and higher SGA/sales expenses. However, qoq improvement is forecast to be driven by higher export volumes following seasonality and raw material cost lock-in.
Highlights
- We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation.
- Qoq improvement is expected to be driven by higher export volumes following seasonality and raw material cost lock-in.
- However, we project that the earnings momentum in 2H26 will remain unexciting due to higher raw material costs and a high base in 3Q25.
- Maintain HOLD with a target price of Bt10.00.
Analysis
- 2Q26 earnings expected to grow qoq but decline yoy. We expect GFPT to report a 2Q26 core profit of Bt562m, (-15.3% yoy but +15.6% qoq), outperforming swine players and our previous expectation. The yoy decline is mainly attributable to lower export volumes and higher SGA/sales expenses. However, qoq improvement is forecast to be driven by higher export volumes following seasonality and raw material cost lock-in.
HOLD (Maintained)
Current price:
Target price:
Upside:
Bt9.70
Bt10.00
+3.09%
Analyst
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