PETCHSRIVICHAI ENTERPRISE vs Thai Union Feedmill PCL: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

PETCHSRIVICHAI ENTERPRISE PUBLIC COMPANY LIMITED (PCE.BK)

Q3 202620 Jul – 8 Oct 2026

▲4

PCE's profit surge, capacity expansion, and biofuel tax cut plan drive growth

Record Q2 profit and strong H1 results PCE reported Q2 2026 net profit of 214.2 million baht, up 59.5% from a year earlier, on revenue of 7.06 billion baht. First-half profit rose 36% to 220.9 million baht. Higher sales of high-margin B100 biodiesel and refined palm oil, plus cost controls, lifted margins.
This is the core financial result that shows the company's earnings power and supports the stock's value.
Government biofuel tax cut plan could boost demand Thailand is considering cutting excise taxes on biofuels to lower fuel prices and increase consumption. DBS Vickers named PCE among 11 stocks set to benefit, specifically in the group of integrated palm oil producers linked to biodiesel. Lower taxes would make biodiesel cheaper, driving more demand for PCE's B100.
This is a new regulatory catalyst that could expand the market for PCE's key product.
Capacity expansion to meet rising demand PCE is expanding its edible palm oil refinery from 300 to 700 tonnes per day, due in Q4 2026, and building a third crude palm oil mill to raise fresh fruit processing from 150 to 225 tonnes per hour by Q2 2027. These moves aim to capture growing food-industry demand and reduce reliance on external purchases.
This shows concrete steps to grow production and sales volume, supporting future revenue.
B100 biodiesel orders remain strong, supporting H2 outlook PCE says B100 biodiesel orders are flowing in continuously, with sufficient raw materials to meet demand. The company expects Q3 margins to improve after a standout Q2, and Q4 is the high season. Management guides 2026 revenue growth of 10-15% and double-digit gross margin growth.
This provides forward-looking confidence that the strong performance will continue in the second half.

August 202620 Jul – 8 Oct 2026

▲4

PCE's profit surge, capacity expansion, and biofuel tax cut plan drive growth

Record Q2 profit and strong H1 results PCE reported Q2 2026 net profit of 214.2 million baht, up 59.5% from a year earlier, on revenue of 7.06 billion baht. First-half profit rose 36% to 220.9 million baht. Higher sales of high-margin B100 biodiesel and refined palm oil, plus cost controls, lifted margins.
This is the core financial result that shows the company's earnings power and supports the stock's value.
Government biofuel tax cut plan could boost demand Thailand is considering cutting excise taxes on biofuels to lower fuel prices and increase consumption. DBS Vickers named PCE among 11 stocks set to benefit, specifically in the group of integrated palm oil producers linked to biodiesel. Lower taxes would make biodiesel cheaper, driving more demand for PCE's B100.
This is a new regulatory catalyst that could expand the market for PCE's key product.
Capacity expansion to meet rising demand PCE is expanding its edible palm oil refinery from 300 to 700 tonnes per day, due in Q4 2026, and building a third crude palm oil mill to raise fresh fruit processing from 150 to 225 tonnes per hour by Q2 2027. These moves aim to capture growing food-industry demand and reduce reliance on external purchases.
This shows concrete steps to grow production and sales volume, supporting future revenue.
B100 biodiesel orders remain strong, supporting H2 outlook PCE says B100 biodiesel orders are flowing in continuously, with sufficient raw materials to meet demand. The company expects Q3 margins to improve after a standout Q2, and Q4 is the high season. Management guides 2026 revenue growth of 10-15% and double-digit gross margin growth.
This provides forward-looking confidence that the strong performance will continue in the second half.

Latest20 Jul – 8 Oct 2026

▲4

PCE's profit surge, capacity expansion, and biofuel tax cut plan drive growth

Record Q2 profit and strong H1 results PCE reported Q2 2026 net profit of 214.2 million baht, up 59.5% from a year earlier, on revenue of 7.06 billion baht. First-half profit rose 36% to 220.9 million baht. Higher sales of high-margin B100 biodiesel and refined palm oil, plus cost controls, lifted margins.
This is the core financial result that shows the company's earnings power and supports the stock's value.
Government biofuel tax cut plan could boost demand Thailand is considering cutting excise taxes on biofuels to lower fuel prices and increase consumption. DBS Vickers named PCE among 11 stocks set to benefit, specifically in the group of integrated palm oil producers linked to biodiesel. Lower taxes would make biodiesel cheaper, driving more demand for PCE's B100.
This is a new regulatory catalyst that could expand the market for PCE's key product.
Capacity expansion to meet rising demand PCE is expanding its edible palm oil refinery from 300 to 700 tonnes per day, due in Q4 2026, and building a third crude palm oil mill to raise fresh fruit processing from 150 to 225 tonnes per hour by Q2 2027. These moves aim to capture growing food-industry demand and reduce reliance on external purchases.
This shows concrete steps to grow production and sales volume, supporting future revenue.
B100 biodiesel orders remain strong, supporting H2 outlook PCE says B100 biodiesel orders are flowing in continuously, with sufficient raw materials to meet demand. The company expects Q3 margins to improve after a standout Q2, and Q4 is the high season. Management guides 2026 revenue growth of 10-15% and double-digit gross margin growth.
This provides forward-looking confidence that the strong performance will continue in the second half.

Thai Union Feedmill PCL (TFM.BK)

Q3 202631 Jul – 1 Oct 2026

▼2▲1

TFM's profit squeezed by record fishmeal costs and weak shrimp feed demand

Fishmeal cost surge crushes margins Fishmeal prices jumped 59% from a year ago, pushing TFM's gross margin down to 16% — below its own 17-19% target. This squeezes profit: Q3 2026 profit is expected to fall 46% from last year. Higher costs mean less money left from each sale, which weighs on the stock price.
This is the single biggest force driving TFM's profit down and explains why the stock is under pressure.
Shrimp feed demand weakens amid competition Shrimp feed is 60-65% of TFM's sales, but it is struggling. Competitors are fighting harder for customers, and farmers are switching to cheaper soybean and poultry meal. This means lower sales volume and less pricing power for TFM's main product, dragging revenue and profit down.
It explains the demand-side weakness behind TFM's falling sales and profit, not just the cost side.
Growth plans expand but targets cut TFM set a 10 billion baht revenue goal by 2030 and is building a plant in Ecuador, but it cut this year's growth target to 5-7% from 8-10% and lowered its margin goal. The long-term expansion is positive, but near-term expectations are being scaled back, which limits upside.
It shows the tension between TFM's long-term growth ambitions and its reduced near-term outlook.
Halal certification opens new markets TFM received halal certification for 48 shrimp and fish feed products, opening doors to Middle Eastern and ASEAN markets like Malaysia and Bangladesh. This could bring new customers and diversify sales away from Thailand, supporting future revenue growth.
It is a new demand driver that could offset some weakness in TFM's core shrimp feed business.

August 202631 Jul – 1 Oct 2026

▼2▲1

TFM's profit squeezed by record fishmeal costs and weak shrimp feed demand

Fishmeal cost surge crushes margins Fishmeal prices jumped 59% from a year ago, pushing TFM's gross margin down to 16% — below its own 17-19% target. This squeezes profit: Q3 2026 profit is expected to fall 46% from last year. Higher costs mean less money left from each sale, which weighs on the stock price.
This is the single biggest force driving TFM's profit down and explains why the stock is under pressure.
Shrimp feed demand weakens amid competition Shrimp feed is 60-65% of TFM's sales, but it is struggling. Competitors are fighting harder for customers, and farmers are switching to cheaper soybean and poultry meal. This means lower sales volume and less pricing power for TFM's main product, dragging revenue and profit down.
It explains the demand-side weakness behind TFM's falling sales and profit, not just the cost side.
Growth plans expand but targets cut TFM set a 10 billion baht revenue goal by 2030 and is building a plant in Ecuador, but it cut this year's growth target to 5-7% from 8-10% and lowered its margin goal. The long-term expansion is positive, but near-term expectations are being scaled back, which limits upside.
It shows the tension between TFM's long-term growth ambitions and its reduced near-term outlook.
Halal certification opens new markets TFM received halal certification for 48 shrimp and fish feed products, opening doors to Middle Eastern and ASEAN markets like Malaysia and Bangladesh. This could bring new customers and diversify sales away from Thailand, supporting future revenue growth.
It is a new demand driver that could offset some weakness in TFM's core shrimp feed business.

Latest31 Jul – 1 Oct 2026

▼2▲1

TFM's profit squeezed by record fishmeal costs and weak shrimp feed demand

Fishmeal cost surge crushes margins Fishmeal prices jumped 59% from a year ago, pushing TFM's gross margin down to 16% — below its own 17-19% target. This squeezes profit: Q3 2026 profit is expected to fall 46% from last year. Higher costs mean less money left from each sale, which weighs on the stock price.
This is the single biggest force driving TFM's profit down and explains why the stock is under pressure.
Shrimp feed demand weakens amid competition Shrimp feed is 60-65% of TFM's sales, but it is struggling. Competitors are fighting harder for customers, and farmers are switching to cheaper soybean and poultry meal. This means lower sales volume and less pricing power for TFM's main product, dragging revenue and profit down.
It explains the demand-side weakness behind TFM's falling sales and profit, not just the cost side.
Growth plans expand but targets cut TFM set a 10 billion baht revenue goal by 2030 and is building a plant in Ecuador, but it cut this year's growth target to 5-7% from 8-10% and lowered its margin goal. The long-term expansion is positive, but near-term expectations are being scaled back, which limits upside.
It shows the tension between TFM's long-term growth ambitions and its reduced near-term outlook.
Halal certification opens new markets TFM received halal certification for 48 shrimp and fish feed products, opening doors to Middle Eastern and ASEAN markets like Malaysia and Bangladesh. This could bring new customers and diversify sales away from Thailand, supporting future revenue growth.
It is a new demand driver that could offset some weakness in TFM's core shrimp feed business.