Thaifoods Group Future Growth

Future criteria checks 4/6

Thaifoods Group is forecast to grow earnings and revenue by 27.3% and 8.2% per annum respectively. EPS is expected to grow by 22.4% per annum. Return on equity is forecast to be 18.2% in 3 years.

Key information

27.3%

Earnings growth rate

22.4%

EPS growth rate

Food earnings growth	10.9%
Revenue growth rate	8.2%
Future return on equity	18.2%
Analyst coverage	Good
Last updated	14 Nov 2024

Recent future growth updates

Recent updates

Earnings and Revenue Growth Forecasts

SET:TFG - Analysts future estimates and past financials data (THB Millions)
Date	Revenue	Earnings	Free Cash Flow	Cash from Op	Avg. No. Analysts
12/31/2026	74,796	3,071	4,173	7,846	5
12/31/2025	68,954	2,906	2,747	6,698	6
12/31/2024	63,327	2,795	1,835	5,732	6
9/30/2024	62,619	1,405	8,216	9,588	N/A
6/30/2024	59,508	-301	6,097	7,693	N/A
3/31/2024	57,436	-1,087	4,005	5,962	N/A
12/31/2023	56,149	-812	732	3,226	N/A
9/30/2023	56,694	1,180	896	4,061	N/A
6/30/2023	57,082	3,359	-1,689	1,995	N/A
3/31/2023	55,839	4,529	-2,138	2,123	N/A
12/31/2022	52,542	4,722	155	4,395	N/A
9/30/2022	47,169	3,733	-3,057	1,225	N/A
6/30/2022	41,080	1,544	-3,779	422	N/A
3/31/2022	37,069	735	-4,243	-708	N/A
12/31/2021	34,948	562	-5,108	-1,882	N/A
9/30/2021	33,147	848	-2,715	-183	N/A
6/30/2021	33,133	2,366	186	2,109	N/A
3/31/2021	31,954	2,367	832	2,421	N/A
12/31/2020	31,457	2,563	2,137	3,620	N/A
9/30/2020	30,963	2,263	1,871	3,224	N/A
6/30/2020	30,042	1,790	1,800	3,212	N/A
3/31/2020	30,088	1,877	2,355	3,830	N/A
12/31/2019	29,016	1,440	1,015	2,330	N/A
9/30/2019	28,901	1,320	-73	1,872	N/A
6/30/2019	28,802	1,257	-397	1,976	N/A
3/31/2019	28,253	960	-1,764	1,195	N/A
12/31/2018	28,024	645	-2,514	1,048	N/A
9/30/2018	27,363	715	-2,666	794	N/A
6/30/2018	26,999	891	N/A	1,221	N/A
3/31/2018	26,498	1,269	N/A	2,198	N/A
12/31/2017	25,814	1,516	N/A	2,139	N/A
9/30/2017	24,715	1,482	N/A	1,568	N/A
6/30/2017	23,267	1,312	N/A	-109	N/A
3/31/2017	22,109	1,382	N/A	-4	N/A
12/31/2016	20,669	1,447	N/A	504	N/A
9/30/2016	19,396	1,034	N/A	1,650	N/A
6/30/2016	18,745	226	N/A	1,563	N/A
3/31/2016	17,739	-893	N/A	-41	N/A
12/31/2015	17,388	-1,574	N/A	-116	N/A
9/30/2015	17,272	-1,173	N/A	-999	N/A
6/30/2015	16,989	-649	N/A	-1,244	N/A
3/31/2015	17,086	47	N/A	-137	N/A
12/31/2014	17,067	922	N/A	-540	N/A
9/30/2014	16,893	1,227	N/A	-277	N/A
6/30/2014	16,571	1,457	N/A	537	N/A
3/31/2014	16,116	1,320	N/A	727	N/A
12/31/2013	15,730	1,034	N/A	1,106	N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TFG's forecast earnings growth (27.3% per year) is above the savings rate (2%).

Earnings vs Market: TFG's earnings (27.3% per year) are forecast to grow faster than the TH market (17.8% per year).

High Growth Earnings: TFG's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TFG's revenue (8.2% per year) is forecast to grow faster than the TH market (6.9% per year).

High Growth Revenue: TFG's revenue (8.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TFG's Return on Equity is forecast to be low in 3 years time (18.2%).

Thaifoods Group Future Growth

Future criteria checks 4/6

Key information

Recent future growth updates

Price target increased by 18% to ฿5.35

Price target increased by 8.3% to ฿4.42

Consensus EPS estimates fall by 57%

Consensus EPS estimates fall by 92%, revenue upgraded

Consensus EPS estimates increase by 1,856%

Consensus EPS estimates fall from profit to ฿0.02 loss

Recent updates

Price target increased by 18% to ฿5.35

First half dividend increased to ฿0.075

Second quarter 2024 earnings released: EPS: ฿0.15 (vs ฿0.012 in 2Q 2023)

Thaifoods Group Public Company Limited Declares Interim Dividend for the Operating Period from January 1, 2024 to June 30, 2024, Payable on September 6, 2024

Price target increased by 8.3% to ฿4.42

New major risk - Financial position

First quarter 2024 earnings released: EPS: ฿0.03 (vs ฿0.08 in 1Q 2023)

Thaifoods Group Public Company Limited Approves Appointment of Audit Committee

Upcoming dividend of ฿0.01 per share

Thaifoods Group Public Company Limited has filed a Follow-on Equity Offering.

Final dividend reduced to ฿0.01

Thaifoods Group Public Company Limited, Annual General Meeting, Apr 23, 2024

Full year 2023 earnings: EPS and revenues miss analyst expectations

Consensus EPS estimates fall by 57%

Consensus EPS estimates fall by 92%, revenue upgraded

Consensus EPS estimates increase by 1,856%

Third quarter 2023 earnings released: ฿0.08 loss per share (vs ฿0.31 profit in 3Q 2022)

Consensus EPS estimates fall from profit to ฿0.02 loss

Consensus EPS estimates fall by 57%

Second quarter 2023 earnings released: EPS: ฿0.01 (vs ฿0.22 in 2Q 2022)

Upcoming dividend of ฿0.02 per share at 11% yield

Consensus EPS estimates increase by 17%

Consensus EPS estimates fall by 21%, revenue upgraded

New minor risk - Shareholder dilution

First quarter 2023 earnings released: EPS: ฿0.08 (vs ฿0.11 in 1Q 2022)

Consensus EPS estimates fall by 12%

Upcoming dividend of ฿0.30 per share at 8.0% yield

Now 20% undervalued after recent price drop

Now 23% undervalued after recent price drop

Price target decreased by 9.0% to ฿8.17

Now 20% undervalued

Consensus forecasts updated

Insufficient new directors

Consensus forecasts updated

Upcoming dividend of ฿0.10 per share

Consensus EPS estimates increase by 33%

Thaifoods Group Public Company Limited Announces Interim Dividend for the Operating Period from 01-Jan-2022 to 30-Jun-2022, Payable Date 09-Sep-2022

Second quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.08 in 2Q 2021)

Consensus EPS estimates increase by 18%

Price target increased to ฿6.35

Investor sentiment improved over the past week

Insufficient new directors

First quarter 2022 earnings: EPS in line with analyst expectations despite revenue beat

Insufficient new directors

Upcoming dividend of ฿0.04 per share

Upcoming dividend of ฿0.04 per share

Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat

Thaifoods Group Public Company Limited Announces Cash Dividend for the Year 2021, Payable on May 13, 2022

Price target increased to ฿5.70

Price target increased to ฿5.70

Third quarter 2021 earnings released: ฿0.08 loss per share (vs ฿0.19 profit in 3Q 2020)

Upcoming dividend of ฿0.05 per share

Consensus forecasts updated

Second quarter 2021 earnings released: EPS ฿0.08 (vs ฿0.08 in 2Q 2020)

Price target decreased to ฿5.38

First quarter 2021 earnings released: EPS ฿0.08 (vs ฿0.11 in 1Q 2020)

Full year 2020 earnings released: EPS ฿0.46 (vs ฿0.27 in FY 2019)

Thaifoods Group Public Company Limited, Annual General Meeting, Apr 22, 2021

New 90-day high: ฿5.60

New 90-day high: ฿5.15

Thaifoods Group Public Company Limited Announces Audit Committee Changes

Price target raised to ฿6.00

New 90-day high: ฿4.78

Analysts increase EPS estimates to ฿0.41

Revenue and earnings beat expectations

Third quarter 2020 earnings released: EPS ฿0.19

New 90-day low: ฿4.14

Upcoming Dividend of ฿0.03 Per Share

Analysts update estimates