Livestock & Animal FeedSilver report

Published September 2025Insight Research13 min read2025-202612 sources, 7 primary-gradeStrong source depth

Thailand CPF: Poultry Cycle and 2026 Recovery Trade

CPF (SET: CPF) FY2024 net profit THB 19.6B — recovery from FY2023 loss. Q3/2024 net profit THB 7.3B (+504% YoY). World's largest feed and shrimp producer; global top-3 in poultry and pork. CPF International 63% of operations vs CPF Thailand 37%.

Key takeaways

1
CPF FY2024 net profit — recovery from FY2023 loss; Q3/2024 alone delivered (+ YoY).
2
Global positioning: world's largest feed producer; largest shrimp producer; global top-3 in poultry and pork; ~ birds annual production.
3
1H 2024 segment revenue: Overseas-Livestock (+ YoY); Thailand-Livestock ; Overseas-Aqua ; Thai-Aqua .
4
Geography mix: CPF International of operations; CPF Thailand . The international footprint diversifies the Thai-poultry-cycle exposure.
5
Cycle context: 2023 trough, 2024 recovery, Q1 2025 confirmed continuation. The 2026 question is whether the cycle peaks or compounds.

Questions this report answers

Where in the poultry / pork / shrimp cycle is CPF, and what's the 2026-2027 trajectory? FY2024 was clearly recovery — Q3/2024 + YoY off a low base, FY2024 net profit from FY2023 loss. Q1/2025 sustained the trajectory. The buyer question is whether to hold through cycle peak or rotate.

How does the geography mix (CPF International vs CPF Thailand ) shape the Thai-cycle exposure? The international footprint dilutes pure Thai poultry-cycle reads — Overseas-Livestock alone is revenue in 1H 2024. CPF's earnings power is more diversified than a pure-Thai poultry-pure-play like GFPT.

What's the structural moat of being the world's largest feed and shrimp producer simultaneously? Vertical integration from feed to shrimp-and-poultry processing gives CPF input-cost advantages that smaller operators cannot replicate. The buyer question is whether that vertical integration justifies a premium multiple to the Thai-listed protein peer set.

How does CPF compare to GFPT and Betagro for portfolio positioning? GFPT is the cleanest Thai poultry-cycle proxy (no international footprint); Betagro is integrated-poultry but smaller scale; CPF is the diversified vertically-integrated giant. Different fits per buyer thesis.

Buyer-question framing anchored on CPF FY2024, Q1 2025 results.

Data as of: 2025-Q3

Executive summary

Charoen Pokphand Foods (SET: CPF) reported FY2024 net profit of — a sharp recovery from the FY2023 loss. The recovery was visible mid-year: Q3/2024 net profit of was + YoY off a depressed base, and Nation Thailand reported it as a record quarterly profit. WATTPoultry industry coverage flagged the recovery from Q2/2024 onward across feed-mill, poultry, and shrimp segments simultaneously.^{[, , ]}

CPF's structural position is unique among Thai-listed protein companies. Statista's CPF profile flags the company as the world's largest feed producer, the world's largest shrimp producer, and a global top-3 producer of poultry and pork. Annual poultry production is approximately 685 million birds — making CPF the fourth-largest poultry meat company in Asia. The vertical integration from feed to processed protein is the structural input-cost moat.^[]

Geography mix matters. CPF International represents of operations and CPF Thailand . 1H 2024 segment revenue was Overseas-Livestock (+ YoY), Thailand-Livestock , Overseas-Aqua , and Thai-Aqua . The international footprint dilutes pure Thai-cycle exposure and diversifies the earnings stream — a feature when buyers want exposure to global protein cycles, not just Thai.^{[, ]}

CPF FY2024, 9M 2024 briefings, Statista, WATTPoultry, Nation Thailand

Data as of: FY2024 / 1H 2024

1H 2024 segment revenue (THB billion)

Overseas-Livestock

1H 2024 revenue (THB B)

159.8

YoY

+3%

Notes

Largest segment; international poultry, pork operations

Thailand-Livestock

1H 2024 revenue (THB B)

94.0

YoY

n/d

Notes

Thai poultry, pork; cycle-recovery anchor

Overseas-Aqua

1H 2024 revenue (THB B)

22.9

YoY

n/d

Notes

International shrimp, aquafeed

Thai-Aqua

1H 2024 revenue (THB B)

12.9

YoY

n/d

Notes

Thai shrimp, aquafeed; smallest segment

Segment	1H 2024 revenue (THB B)	YoY	Notes
Overseas-Livestock	159.8	+3%	Largest segment; international poultry, pork operations
Thailand-Livestock	94.0	n/d	Thai poultry, pork; cycle-recovery anchor
Overseas-Aqua	22.9	n/d	International shrimp, aquafeed
Thai-Aqua	12.9	n/d	Thai shrimp, aquafeed; smallest segment

CPF 9M 2024 Results Briefing

Data as of: 1H 2024

Analyst framing

Why this report matters

CPF is the FY2024 cycle-recovery trade — Q3/2024 +504% YoY signals visible turn after the FY2023 loss. The international 63% footprint diversifies pure Thai poultry-cycle exposure that GFPT or Betagro proxies don't. The 2026 question is cycle peak vs compounding, and the rotation decision against the Thai poultry pure-plays.

Cycle-position read

FY2023 was a trough: poultry oversupply, feed-cost pressure (corn, soymeal), shrimp disease pressure, and CPF reported a loss. The FY2024 recovery played out across the year — 1H 2024 showed all four main segments improving gross margin YoY; Q3/2024 net profit of THB 7.3B was the visible inflection (Nation Thailand's +504% YoY framing) on a year-earlier loss base. The full-year FY2024 result of THB 19.6B confirmed the turn.

Q1/2025 sustained the recovery — the briefing released in May 2025 showed continued segment-by-segment improvement. The cycle is now mid-recovery; the structural question is whether it compounds into a multi-year peak (2025-2027) or hits a top in late-2025 / early-2026 driven by oversupply response. CPF's vertical integration moderates the cycle volatility but does not eliminate it.

Geography-diversification advantage

CPF International 63% of operations vs CPF Thailand 37% gives the company structurally lower correlation with the Thai-domestic poultry cycle than GFPT (pure Thai) or Betagro (Thai-anchored). Overseas-Livestock alone was THB 159.8B in 1H 2024 — larger than Thailand-Livestock's THB 94.0B. The international footprint covers China, Vietnam, Russia, Turkey, the Philippines, and other markets each with their own cycle dynamics.

The diversification cuts both ways: it dampens the upside of a sharp Thai-cycle recovery but also dampens the downside of a Thai-cycle trough. For buyers seeking pure Thai-cycle exposure, GFPT is the cleaner proxy. For buyers seeking diversified protein-cycle exposure with vertical-integration moat, CPF is the differentiated bet.

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