Shares in poultry producer GFPT Pcl fell nearly 1 percent, bucking the firmer broader market and underperformning its larger peer Charoen Pokphand Foods, after it told analysts it expected weak first-half earnings as excess supply drives down chicken prices.
GFPT said chicken prices were now around 29 baht ($0.94) per kg compared with its production cost of 36-37 baht per kg, Asia Plus Securities said in a research note.
The broker expects a net loss of 14 million baht ($453,100) for the first quarter, compared with its earlier forecast for a net profit of 100 million baht ($3.24 million).
GFPT would continue to report losses in the second quarter due to higher wages and energy costs, it said.
Asia Plus rates the stock a hold, with a target price of 10 baht each. Broker Trinity Securities recommends investors switch from GFPT to Charoen Pokphand Foods due to diversified agriculture businesses.
GFPT shares fell to 10.10 baht.
Charoen Pokphand Foods gained 1.36 percent to 37.25 baht while the main SET index rose 1 percent.
1511 (0811 GMT)
(Reporting by Viparat Jantraprap in Bangkok; email@example.com)