Charoen Pokphand Foods (CPF) – 3QFY17 profit seen up 4% y-y and 33% q-q October 9, 2017

3QFY17 profit seen at Bt5,394mn, up 4% y‐y and 33% q‐q:

We expect CPF to report a strong set of numbers for 3QFY17 compared to 2QFY17, helped largely by improving overseas operations. Net profit for the quarter is estimated at Bt5,394mn, up 4% y‐y and 33% q‐q on expectations that sales will rise 10% y‐y and 7%q‐q to Bt134,804mn. In q‐q terms, the sharp profit rise would be chiefly credited to a better showing from its overseas operations, helped by (i) a substantial rise of more than 30% q‐q in swine prices in Vietnam, (ii) the positive impact from corporate downsizing in Turkey and India, and (iii) growing sales volumes in Russia, and an improving performance at its domestic operations in Thailand on the back of rising sales volumes.

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