Equity Analysis /
Thailand

TH : GFPT - Set for a recovery in 2H21F

    CGS-CIMB
    21 January 2021
    Published byCGS-CIMB

    4Q20F core net profit was likely weak due to lower export sales and higher feed cost but net profit should be supported by insurance claims. We expect GFPT’s earnings to recover in 2H21F, thanks to improving capacity utilisation of new plants and demand for exports. Reiterate Add with a lower TP of THB15.2.