Dao Securities Thailand has issued an analysis maintaining its buy recommendation on GFPT Public Company Limited, or GFPT, with a target price of 11.50 baht, based on a 2026 PER of 6.5 times, following a group conference call with the company on September 9. It expects export volume in the third quarter of 2026 to rise to approximately 8,400-8,500 tonnes, driven by the high season and the Japanese market gradually restocking. Meanwhile, the gross profit margin is likely to hold steady at a good level close to that of the second quarter of 2026, thanks to lower corn prices and the low average cost of inventory on hand, which helps offset higher soybean meal costs. Chicken prices for the remainder of the year are expected to stay high at around 44-45 baht per kilogram, while chicken frame prices have risen to around 14-15 baht per kilogram on government measures to stimulate consumption. The new chicken slaughterhouse project remains on schedule, with system testing and commercial production expected to begin in the first half of 2027. Dao Securities is keeping its 2026 normal profit forecast for GFPT at 2.2 billion baht, down 11% from the previous year, and preliminarily estimates that third-quarter 2026 normal profit will slow compared with the same period last year due to higher average raw material costs, but has room to expand from the previous quarter on seasonal factors, as well as improving chicken and by-product prices. The operating outlook for the second half of 2026 is expected to improve compared with the first half, supported by an export recovery in the Japanese market, easing corn raw material costs, and higher overall chicken prices.
GFPT Public Company LimitedDao Securities maintains buy rating and 11.50 baht target price on GFPT, citing stronger H2 2026 profit outlook.
