Miti Stock – GFPT, chicken prices rise, Profit broker recommends buy, gives a target price of 15.40 baht, the lowest P/E in the food group.
GFPT or GFPT Public Company Limited Finansia Syrus Securities reported that domestic chicken prices have begun to recover, most recently in March, reaching 41-42 baht per kilogram, after rising from 39-40 baht per kilogram in January, February boosts first-quarter profits From 2024. Growing compared to yy from a low base last year.
The broker raises its profit target for this year 67
Meanwhile, full-year 2024 earnings continue to grow, supported by improved exports. Chicken prices are recovering, costs remain low. The company is targeting revenue growth of 3-5%, GPM is expected to rise slightly in the range of 11.5-12.5%, and the research department expects 2024 profits to return to grow by 7% to reach 1.5 billion baht. We recommend buying at the target. Price 14.20 baht.
Lowest price in the food group
Yuanta Securities said it expects first-quarter earnings trends of 2024. At first, it slowed quarterly. Domestic sales volume is expected to slow depending on the season. But the average selling price of chicken and chicken frames in the country is expected to rise. It will be partially compensated and the export trend will grow contrary to the season. Because customers in Europe accelerated product orders due to the turmoil situation in the Red Sea, adjusting the normalized profit estimate for 2024 by 2.3% to 1.42 billion baht, a growth of 10.5%, and adjusting the appropriate price to 15.40 baht, and the current stock price is trading on the P/E multiple of only 10 times , which is the lowest in the group of foods recommended for purchase
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