Tisco Securities has upgraded Thai Foods Group, or TFG, to "BUY" with a rolled-over 2027 target price of 12.70 baht, based on a PER of 9 times, or the sector average plus 0.5 standard deviations, up from 7.4 times previously. It also raised its 2026-2027 profit forecasts by 3% and 8% respectively, citing a retail business growing faster than expected and recovering pork and chicken prices, and said it believes earnings passed their bottom in the second quarter of 2026. ASL Securities, meanwhile, gave a "BUY" rating with a 2027 forecast target price of 12.50 baht, noting that the shift to market-driven retail is an important new S-curve. TFG's total revenue rose from about 34 billion baht in 2021 to 72 billion baht in 2025, an average growth rate of roughly 16% a year, and in 2026 the company aims to open another 260 branches, bringing the total to 875 branches by year-end, after opening 133 branches in the first half, or 51% of the full-year target. ASL estimates 2026 net profit at about 7 billion baht, down 5.5% from the previous year, while total revenue still grows to roughly 76 billion baht, up 5.5%, and it estimates ROE at about 33% and dividend yield at 6.6%, compared with sector averages of 16.14% and 4.4% respectively.
Thaifoods Group Public Company LimitedTisco and ASL both upgraded TFG to BUY with higher target prices and raised 2026-2027 profit forecasts.
