The soaring baht will not shake Charoen Pokphand Foods (CPF) off course from its revenue target of Bt130 billion, because only 20 per cent of its sales are from exports, president and CEO Adirek Sripratak said yesterday.

One stock analyst said the strengthening of the baht would rattle listed food companies CPF, GFPT and Thai Union Frozen Products (TUF) but that their performance would continue to improve, due to strong demand in the global market.

Adirek said the rising baht would help CPF by reducing costs of imported raw materials, such as soybean meal and chemicals.

He said CPF's sales this year should reach Bt130 billion, up from Bt116 billion last year, and 2007 should not be much different from 2006.

The baht closed yesterday at a seven-year high against the US dollar, at 36.64/36.66, little changed from Wednesday's 36.64/36.67, and at 46.73-77 to the euro, from 46.65/46.80 recorded on Wednesday.

Adirek said chicken exports continued to do well despite the widespread bird-flu outbreaks, so his company's fourth-quarter figures should be on track.

CPF's board will hold a meeting next week before reporting the company's financial results to the Stock Exchange of Thailand.

A Capital Nomura Securities analyst said the strengthening baht would more or less affect exporters.

"But the extent of the impact depends on the proportion of their exports and ability to adjust," said the analyst.

TUF was the most exposed to currency fluctuations among the three major food exporters, because it exports all of its products, said the analyst. But the company is still in a strong position to maintain its markets.

The analyst said CPF exported 45 per cent, while GFPT, a chicken producer, would be least affected by the baht's appreciation, because it produces mainly for domestic consumption.

TUF's net profit this year should reach Bt2 billion and rise to Bt2.3 billion next year. CFP should show a net profit of Bt3.23 billion, rising to Bt4.36 billion next year. And GFPT is expected to see a net profit of Bt50 million, rising to Bt70 million next year.

The analyst set a target price for TUF shares of Bt30, against its close of Bt24 yesterday. CFP's target price was Bt5.25, compared with Bt4.88 at yesterday's close. The analyst recommended "sell" for GFPT shares, because while target price was Bt11, the stock closed higher than that at Bt12.60.