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 PCLUpgrade to Buy on strong pork and broiler chicken prices driven by recovering domestic demand and improved exports.
