← Thai Union Feedmill PCL overview

Thai Union Feedmill PCL vs Tongwei: why the prices moved differently

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

Thai Union Feedmill PCL (TFM.BK)

Q3 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 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.

Latest
▼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.

Tongwei Co Ltd (600438.CG)

Q3 2026
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.

July 2026
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.

Latest
▲2▼1

Tongwei's huge loss meets regulatory push to end price wars

  • First-half loss of 4.8–5.4 billion yuan Tongwei expects to lose 4.8–5.4 billion yuan in the first half, the largest loss among solar companies. This shows the core business is still burning cash, which weighs on the stock price.

    It is the single biggest company-specific fact and explains why the stock is under pressure.

  • Regulators move to stop below-cost selling China's market regulator is pushing solar firms to stop competing on price. New mandatory standards could remove 20–30% of old capacity by 2027. This helps Tongwei as a low-cost leader because it reduces destructive price wars.

    It is the main new force that could turn the industry around and directly lifted Tongwei's shares.

  • Eight polysilicon giants pledge not to sell below cost Eight firms controlling over 90% of China's polysilicon capacity, including Tongwei, signed a pledge not to sell below cost. This should support prices and ease the cash drain, though enforcement is still uncertain.

    It is a concrete new action that could directly improve Tongwei's pricing and margins.

  • Industry losses persist but early signs of a bottom Solar giants lost over 13 billion yuan combined in the first half, and new installations fell 66% year-on-year. Analysts see a policy bottom forming, but clearing the supply glut will take time, so the recovery is not guaranteed.

    It gives the essential counterweight: the industry is still deeply troubled and any turnaround will be slow.