Betagro PCL

KGI Securities has upgraded its recommendation for Betagro (BTG) shares to 'Buy' from 'Hold', and raised its 2027 target price to 25.40 baht from 20.80 baht, citing expectations of strong pork and broiler chicken prices. Pork prices have risen to a yearly high of 73.5 baht per kilogram, while broiler chicken prices stand at 45.5 baht per kilogram, supported by recovering domestic demand and improved exports. Meanwhile, corn prices have fallen to 9.95 baht per kilogram, but other feed costs remain high. Overall, feed costs are expected to rise 1-1.5% in the second half, but this will be offset by higher meat selling prices. The brokerage has raised its pork price assumptions for 2026 to 67 baht per kilogram and for 2027 to 70 baht per kilogram, and increased broiler chicken prices to 41 baht per kilogram for both years. Although it has cut its 2026 profit estimate by 2.3%, it has raised its 2027 profit estimate by 4% to 5.3 billion baht, and increased the P/E to 9.4 times, reflecting better profit prospects.

Betagro Public Company Limited, or BTG, has launched the Perfecta brand of premium pet food to target a new generation of pet parents who prioritize nutrition and safety. Leveraging its strengths in Human Grade ingredients, fresh meat, and quality protein, along with formulas developed by nutritionists and veterinarians, the first product is Perfecta Wellness All-in-1, which covers three aspects: Healthy, Beauty, and Safety. It includes ingredients such as 3X Biotics and Superfood 6 Colors to support digestion and slow cell degeneration. Meanwhile, BTG plans to market both online and offline, using billboards in Bangkok and digital platforms like Facebook, YouTube, and TikTok, as well as KOLs to create widespread awareness.

The Department of Internal Trade met with the Swine Raisers Association, broiler and layer associations, and major operators on 20 August 2026 to monitor price conditions and manage supply balance. It said consumption demand has continued to rise under the Thai Helps Thai Plus programme, causing farm-gate prices to adjust in line with market mechanisms. Mr. Sitthiphan Thanakiatphinyo, president of the National Swine Raisers Association, said live hog farm-gate prices are at 72 to 74 baht per kilogramme, 1 to 2 baht above cost, and may edge up slightly over the next one to two weeks before stabilising until mid-September. Kasikorn Securities assessed that farm-gate pork prices are likely to rise by 2 baht per kilogramme because output has fallen as pigs grow more slowly and face higher illness risk during the rainy season, which is positive for CPF, BTG and TFG if feed costs do not increase.

Betagro Public Company Limited, or BTG, has set a 2026 sales target of 120 to 130 billion baht, rising to 150 to 160 billion baht in 2028, with expected average growth of 7 to 10 percent per year. The company aims to increase the share of high-margin products and channels, expand overseas markets, and accelerate cost reduction. This year's international sales target is 22 percent, high-margin products 60 percent, and high-margin channels 48 percent, while 2028 targets are 24 percent, 65 percent, and 52 percent respectively. The company expects capital expenditure of 4.2 billion baht this year, comprising 600 million baht for mergers and acquisitions and 3.6 billion baht for factory expansion and upgrades.

InnovestX Securities states that the signing of an MOU extending the employment period for over four million Myanmar workers in Thailand by another five years will help unlock the most critical labour bottleneck for Thailand's labour-intensive industrial sector. It also aims to push bilateral trade value to 12 billion US dollars, up from around 7.4 billion dollars, through accelerating border checkpoint restoration, using local currency payment systems, and promoting infrastructure investment, especially the Dawei Special Economic Zone project. However, risks remain from Western sanctions that could pressure the valuation of stocks with concessions or direct investment linked to the Myanmar military government. For short-term investment strategy, the firm recommends speculative trading based on news factors for beneficiary stocks, divided into two themes: groups directly benefiting from more stable labour cost management, such as CK, STECON, GFPT, BTG, CPF, and groups benefiting from a recovering border trade atmosphere, such as MEGA, TNP, CBG, OSP, CHG, BCH.

Bualuang Securities forecasts total net profit of listed companies in the second quarter of 2026 to grow 24 percent compared to the same period last year, and 2 percent from the previous quarter. Supporting factors include the energy and petrochemical sectors benefiting from improved oil prices, refining margins, and petrochemical spreads, as well as continued growth in telecommunications, electronics, industrial estates, retail, and hotels. Meanwhile, banking, meat, and hospital sectors still face pressure. Bualuang Securities recommends two investment strategies: selective play in stocks with still-strong profit growth and no earnings estimate cuts, such as PTT, PTTGC, ADVANC, TRUE, AMATA, GULF, GUNKUL, and WHAUP; and bargain hunting in stocks whose profits have passed their trough and are expected to recover in the second half, such as CBG, ERW, CPF, and BTG.

Analysts assess that the baht is likely to continue weakening in the third quarter of 2026, with Krungsri expecting a trading range of 32 to 34 baht per US dollar and full-year exports possibly expanding by 9.8 percent. Meanwhile, analysts at Bualuang Securities view that the agricultural and food export sector will clearly recover in the second half of the year, with the weak second-quarter earnings caused by geopolitical factors and freight costs marking the low point of the year. They therefore recommend accumulating BTG as the top pick, followed by CPF and ITC in the pet food segment, which is supported by real demand and an expanding new customer base. TU, on the other hand, mainly benefits from foreign exchange gains only.

Betagro Ventures, under Betagro Public Company Limited or BTG, has launched a new business called Dishdash, offering a full-service standard delivery kitchen in a Kitchen as a Service model. The first delivery kitchen is located in the Yen Akat area, which has high food delivery order volumes in Bangkok. The service covers standard kitchen space, cooking equipment, a team of professional kitchen staff, and a comprehensive restaurant management system. It aims to help small and medium restaurant operators reduce costs and risks when starting or expanding their business, with a monthly service fee. Mr. Chayatorn Taepaisitphongse, Chief Executive Officer of the Agro-Industrial and New Business Group at BTG, stated that this model was developed to address the needs of operators who are still hesitant due to high investment requirements and intense competition in the restaurant industry. He also revealed that restaurant partners have already joined the service, such as Yong Seng Lee Ancient Sukiyaki Hainanese Style, Tang Fu Mala, and Lan Por Neua Tom.

Brokers are advising investors to gradually accumulate stocks in the meat and beverage sectors before the impacts of the El Niño phenomenon become pronounced from late this year into early next year. This follows the NOAA Climate Prediction Center's official declaration on June 11, 2026, that the world has entered El Niño conditions, with a 63% chance it will intensify into a super El Niño between November 2026 and January 2027. This could bring hotter and drier weather than usual to Thailand. Historically, during super El Niño periods, Thailand's average annual rainfall dropped to about 1,446 millimeters, roughly 9.4% below the 40-year long-term average of 1,596 millimeters, while maximum temperatures reached around 41 degrees Celsius, about 2 degrees above normal. In the meat sector, particularly pork, prices are likely to benefit from upward pressure as heat stress slows pig growth and raises disease risk, reducing market supply. Data from 2004 to 2023 shows pork prices rose an average of about 17% during El Niño periods, compared to an average increase of around 12% for chicken. Meanwhile, the beverage and convenience store sectors are expected to be supported by higher beverage consumption during hot weather. Brokers therefore recommend meat stocks such as BTG, TFG, and CPF, and beverage stocks including ICHI, CBG, and OSP, as well as convenience store operator CPALL.