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MarketScreener Homepage  >  Equities  >  STOCK EXCHANGE OF THAILAND  >  Charoen Pokphand Foods Public Co. Ltd.    CPF   TH0101A10Z01

CHAROEN POKPHAND FOODS PUBLIC CO. LTD.

(CPF)
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Thailand's CPF to launch plant-based meat substitutes across Asian markets

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01/07/2020 | 07:34am EDT
FILE PHOTO: A noodle breakfast seen in a restaurant in the northern province of Chiang Rai

Thailand's largest agribusiness firm, Charoen Pokphand Foods Pcl (CPF), will introduce plant-based meat substitutes this year in response to growing customer demand and changes in behaviour, a top executive said on Tuesday.

Chief executive Prasit Boondoungprasert told Reuters in an interview that the products would be sold first in Thailand this year, before being rolled out across the rest of Asia.

"There is a global trend of 'flexitarians' - people who have vegetarian meals once or twice a week," he said. Restaurants will also want to offer this option to their diners, he said.

Prasit, who took over as CEO in July last year, said introducing meat substitutes was part of the firm's strategy to expand its food business, including ready-to-eat meals and pre-cooked meats, in Thailand.

The firm's domestic operations currently account for about a third of its revenue.

CPF, which has operations in 17 countries and exports to 30, is planning capital expenditure of 20 billion baht ($662.47 million) this year, down from 30 billion baht last year.

This will be used to build up existing assets and expand its feed, farm and food businesses in populous markets such as China, the Philippines and Vietnam, he said.

The company plans to expand hog cultivation to 18 million this year, including 7 million in Vietnam, due to higher pork prices following an outbreak of African swine flu.

"We invested a lot in our bio-security system," Prasit said. "Our pig farms are almost like resorts."

In the longer term the company is planning to generate revenue more evenly across its business segments.

"The plan is to have revenue contribution of a third from each business group of feed, farm and food," he said, although he added this could change if there were opportunities for mergers and acquisitions.

In 2018, its farm and feed businesses each accounted for about 40% of revenue, with the remainder in food.

The company was interested in pursuing mergers and acquisitions in its food business for branding and market access, Prasit said, adding that its farm unit would look to acquire land.

CPF last year acquired Canadian pork producer HyLife for $372 million, and bought a poultry firm in Russia in 2015 for $680 million.

The firm is maintaining its target of 10% annual revenue growth and reaching 800 billion baht revenue by 2023, he said.

CPF booked revenue of 541.9 billion baht in 2018 and has grown in the 8-10% range since 2016, Refinitiv data shows.

($1 = 30.1900 baht)

By Chayut Setboonsarng

Stocks mentioned in the article
ChangeLast1st jan.
CHAROEN POKPHAND FOODS PUBLIC CO. LTD. End-of-day quote.
FEEDER CATTLE?FUTURES (GF) - CMG (ELECTRONIC)/C1 -0.72% 121.05 End-of-day quote.-17.39%
LIVE CATTLE (LE) - CMG (ELECTRONIC)/C1 -0.27% 101.55 End-of-day quote.-18.34%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.06% 78.552 Delayed Quote.28.43%
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Financials (THB)
Sales 2020 556 B
EBIT 2020 28 061 M
Net income 2020 17 816 M
Debt 2020 297 B
Yield 2020 3,28%
P/E ratio 2020 12,4x
P/E ratio 2021 11,2x
EV / Sales2020 0,89x
EV / Sales2021 0,84x
Capitalization 199 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 19
Average target price 34,92  THB
Last Close Price 24,30  THB
Spread / Highest target 60,5%
Spread / Average Target 43,7%
Spread / Lowest Target 11,1%
EPS Revisions
Managers
NameTitle
Prasert Poongkumarn CEO, Director, COO-Sausage & Ready Meal Business
Sukhawat Dansermsuk Co-President, Director & CEO-Food Business
Sooksunt Jiumjaiswanglerg Co-President, Director & CEO-Agro Business
Soopakij Chearavanont Chairman
Paisan Chirakitcharern Chief Financial Officer & Executive Director