Charoen Pokphand Foods: 1Q26 beat, China still drags

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Charoen Pokphand Foods: 1Q26 beat, China still drags

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Charoen Pokphand Foods

1Q26 beat, China still drags

Maintain Rating: NEUTRAL | PO: 22.20 THB | Price: 19.20 THB

1Q26 profit beat consensus by 19% 15 May 2026

CPF reported normalized profit of Bt4.85bn, surging 379% QoQ but declining 42% YoY. Equity

Earnings came in 19% above consensus estimates. The strong QoQ recovery was driven

by improved operations in Vietnam and Thailand and higher equity income contributions Sarachada Sornsong ^^^ Research Analyst

from CPALL and CPAXT. The YoY decline, however, reflected the high base in 1H25 Kiatnakin Phatra Securities

when tight swine supply lifted farming margins sharply, while CTI had yet to record +66sarachada.sorn@kkpfg.com2 305 9197

losses. Overall, 1Q26 earnings accounted for 26% of our full-year forecast.

Vietnam strengthens, Thailand shows recovery signs

Stock DataCPF’s earnings are primarily driven by its three core farming markets: Thailand, Vietnam,

and China. In Vietnam, swine prices increased 5% YoY and 28% QoQ as supply Price 19.20 THB

disruptions hurt smaller operators. Thailand’s farming business also recovered from Price Objective 22.20 THB

4Q25, supported by firmer swine and broiler prices. Livestock margins improved Date Established 16-Dec-2025

meaningfully, with domestic margins rising from 15.3% in 4Q25 to 16.1% in 1Q26, while Investment Opinion A-2-7

overseas margins expanded from 11.4% to 15.3%. Vietnam’s swine prices have 52-Week Range 18.10 THB-26.50 THB

remained resilient. In Thailand, the recent dip in swine prices was mainly caused by Mrkt Val / Shares Out (mn) 5,103 USD / 8,611.2

temporary oversupply from small farmers rushing inventory to avoid disease-related Market Value (mn) 165,336 THB

losses.