1、 Access more at DBS Insights Direct BUYBUY Last Traded PriceLast Traded Price (9 Jul 20259 Jul 2025):THB21.90 (SETSET:1110.04)Price Target Price Target 1212-mthmth:THB31.50(44%upside)AnalystAnalyst Nantika WIANGPHOEM,CFA Whats NewWhats New 2Q25 showed e2Q25 showed exceptional core profit growthxcept

2、ional core profit growth,pushing a pushing a record high quarterly profitrecord high quarterly profit Strong meat prices,favourable raw material costsStrong meat prices,favourable raw material costs,and and enhancing production efficiency remain the profit driversenhancing production efficiency rema

3、in the profit drivers P Performance expected erformance expected to normalise to normalise in 2H25 but with in 2H25 but with a a healthy profit rangehealthy profit range Maintain BUY with Maintain BUY with an an unchanged TP of THB31.50unchanged TP of THB31.50;earnings earnings for for FY25F/FY26FFY

4、25F/FY26F revised uprevised up Source of all data on this page:Company,DBSVTH,Bloomberg Meat Meat prices prices powerpowering profiting profit Investment ThesisInvestment Thesis:A leading agroA leading agro-industrial and food conglomerate.industrial and food conglomerate.CPF is Asias leader in the

5、agro-industrial and food business.The company operates livestock and aquatic businesses including swine,broilers and layers,ducks,shrimp,and fish.Currently,it has investments in 17 countries and exports to over 40 countries globally.CPF is also looking for more opportunities in international markets

6、 by strengthening its presence through an integrated value chain,as well as the exploration of new markets.Uptick in meat prices across key markets.Uptick in meat prices across key markets.Thailands domestic meat prices picked up in early 2024 and we expect further recovery in 2025,particularly in s