TFG : Strong Earnings to Continue in 2H22

TFG : 4Q22 Earnings to Post Strong YoY but Soften QoQ

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>Maintain HOLD rating, with TP of Bt5.30 (up 15% from previous TP), based on 22.8PE’22E which is Asia ex-Japan consumer staple. Recent product prices leap in-line with feed cost hike</li>
<li>Expect 4Q21 earnings at B120m (-72%YoY, +126%QoQ), the QoQ surge is due to the absence of Covid-related expense, together with sales growth and margin expansion, backed by food prices rally </li>
<li>Solid 2022 outlook remains intact, since the product prices are expected to maintain at sky-high levels until 1H22, due to supply shortages caused by the widespread of Porcine Reproductive </li>
</ul>


Maintain HOLD rating, with TP of Bt5.30 (up 15% from previous TP), based on 22.8PE’22E which is Asia ex-Japan consumer staple. Recent product prices leap in-line with feed cost hike
Expect 4Q21 earnings at B120m (-72%YoY, +126%QoQ), the QoQ surge is due to the absence of Covid-related expense, together with sales growth and margin expansion, backed by food prices rally 
Solid 2022 outlook remains intact, since the product prices are expected to maintain at sky-high levels until 1H22, due to supply shortages caused by the widespread of Porcine Reproductive 


TFG: Expect Earnings Upturn from 4Q21 Onwards