In today’s briefing:
- Thaifoods Group (TFG TB) – 2024E Earnings to Grow by 15%; Expecting a HoH Recovery in 2H23E
Thaifoods Group (TFG TB) – 2024E Earnings to Grow by 15%; Expecting a HoH Recovery in 2H23E
- KTX has revised up our rating to Buy (fair value of Bt5.55, based on the earnings yield and a required rate of return of 9.0%).
- The valuation metrics suggest that the tactical downside risk is limited after the share price drop of over 20% since before Songkran, and we have a positive view on the fundamentals in both the short and long term; we expect earnings growth of 15% YoY in 2024E due to the recovery in the gross profit margin and the expansion of the retail business.
- TFG should also see the lowest operating expenses to sales amongst peers at around 6.2%, making the profit margin immune to pressure from meat price fluctuations.
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