Asia Plus highlights agri-food stocks, ITC leads the group on a weak baht

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2▲4 ▼0Impact / 5
Summary · why it matters

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.

Impact on assets 4

Consumer Staples▲
i-Tail Corp. PCL
ITC
▲ PositiveDemandrelevance

Top pick with strong H2 2026 profit prospects, product price increases and future M&A growth; led agri-food group up 7.27%.

GFPT Public Company Limited
GFPT
▲ PositiveDemandrelevance

Named as benefiting from the upcycle in meat, pork and chicken prices and strong chicken export prospects.

Thai Union Group PCL
TU
▲ PositiveSupplyrelevance

Supported by recovery in operating efficiency and potential Super El Niño conditions that could lower tuna costs in 2027.