Reporters reported today (2 May 2024) the stock price Charoen Pokphand Foods Public Company Limited or CPF At 11:04 am, it was at the level of 20.40 baht plus 0.60 baht or 3.03%, the highest at 20.40 baht, the lowest at 19.70 baht, with a trading value of 238.82 million baht.
KGI Securities (Thailand) Public Company Limited or KGI It is noted in the analysis to CPF that the operating results trend is estimated to pass the lowest point. 1Q24 operating results are also expected to suffer a loss in the last quarter of the cycle, with chicken and pork prices starting to recover from early 2Q24 in Thailand and abroad. especially China including Vietnam Meanwhile, the price of pork in Thailand has recovered strongly, increasing by 20% during the period from the beginning of the year to the present (QTD) and the valuation (Valuation) is not worth PBV is expensive at 0.64 times, which predicts this year profit will turn around
In addition, the analysts have a technical opinion that prices are starting to recover and are waiting to test important resistance levels. Which assesses the support level at 18.4 baht and the resistance level at 18.7 baht In addition, in case of breaking through the resistance level, there is an opportunity to test the resistance level of 19.00-19.30 baht target price of 22.40 baht.
Meanwhile AIRA Securities Public Company Limited Identify CPF as the short-term trend. There is a positive direction that an important resistance level around 19.20 baht will wait to be broken as a signal to buy a small wave with the aim of rising to at least 20.80 baht Strategy: buy for short plays and big rounds, with support at 18.50. -18.30 baht, resistance level 19.90-20.20 baht and Stop Loss 18.20 baht
in addition Public Company Kasikorn Securities Limited It said CPF will report a normalized loss of 2.8 billion baht in 1Q24, compared to a normalized loss of 3.4 billion baht in 4Q23, due to better agricultural produce prices and lower animal feed raw material prices.
Meanwhile, executives expect domestic hog prices to continue to increase in the second half of 2024 as demand recovers. In addition, animal feed costs are likely to decrease in the second half of 2024 due to the trend towards higher production. Still recommending “Buy” with a target price of 19.80 baht, looking positively at the trend of profit recovery in 2024.
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