TFG: Expect Earnings Upturn from 4Q21 Onwards

TFG : Strong Earnings to Continue in 2H22

TFG: Opportunity Arises from Regional Meat Supply Shortage

TFG: Weak 2Q20E but Strong Outlook in Medium to Long Term

TFG: Solid Outlook, Though It Should Retreat from 3Q20 Peak

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<ul>
<li>We expect 4Q21 net profit to rebound QoQ, backed by improve demand volume, together with higher product prices, in line with rising feed cost and resuming economic activities.</li>
<li>Earnings should grow QoQ, upon better volume in all business units after lockdown easing, and absence of COVID-19 expenses.</li>
<li>Expect revenue to rise YoY and QoQ, supported by improve demand volume, allowing product prices to outpace feeds costs hike.</li>
</ul>


We expect 4Q21 net profit to rebound QoQ, backed by improve demand volume, together with higher product prices, in line with rising feed cost and resuming economic activities.
Earnings should grow QoQ, upon better volume in all business units after lockdown easing, and absence of COVID-19 expenses.
Expect revenue to rise YoY and QoQ, supported by improve demand volume, allowing product prices to outpace feeds costs hike.


Thai Foods Group Public Company Limited

TFG: Expect 4Q21 Earnings to Bottom Out