Earnings Report /

Charoen Pokphand Foods: Beat estimates; a robust QoQ core profit jump anticipated in 2Q22

  • Surprise! 1Q22 core profit against our core loss estimate

  • CPF posted a 1Q22 net profit of Bt2.84bn

  • We model a Bt2.5bn core profit for 2Q22, down 33% YoY

Bualuang Securities
17 May 2022

We reiterate a TRADING BUY call on CPF, based on a strong 2H22 core turnaround following its nadir of core operations in 2H21.

We revised up our 2022 net profit forecast by 30% (to Bt12.33bn) mainly to reflect higher sales and bigger equity income from CTI in 2H22. Our DDM-based target price rises 10% (to Bt32).