Shares in soybean meal producer Thai Vegetable Oil Pcl climbed as much as 3.5 percent on expectations of strong domestic soybean meal demand, supported by a resumption of Thai frozen chicken exports to Europe starting from July.
At the mid-session break, Thai Vegetable Oil shares were up 3 percent to 20.7 baht, having hit 20.8 baht, the highest since May 30. The broader market was up 2.1 percent.
Four out of six analysts tracking the company rated the stock a 'strong buy' while two put a 'hold'.
Maybank Kim Eng Securities rated the stock a 'buy' with a target price of 30 baht, citing strong earnings outlook for the second quarter and expected good dividend payout with a dividend yield of 6.1 percent.
"Soybean meal sales in the second quarter are expected to increase 5 percent quarter on quarter on strong poultry feed demand to support the EU export ban lifting," the broker said in a report.
1232 (0532 GMT)
(Reporting by Viparat Jantraprap in Bangkok; firstname.lastname@example.org)