President Adirek Sripratak said recently that apart from the foreign-currency effects, the company also faced sideways prices in the domestic feed-meal market. However, the company expects its revenues to grow 10 per cent next year to Bt140 billion.

"This projection has factored in the appreciation of the baht, so the company is confident of reaching the target," he said.

Adirek said increases in future revenues were expected from its investments in countries like Turkey, India, Malaysia and England.

CPF's total investment budget next year of Bt4 billion will be divided equally between domestic and foreign projects, he said. Among its foreign investments, the company plans to build a feed-meal plant and swine and chicken farms in Russia and aquaculture farming projects in Laos and China. Those projects are expected to be completed next year.

Adirek said the company's proportion of revenues from foreign investments would increase from 15 per cent of total revenues currently to 20 per cent. The rest will come from domestic sales.

However, he added that meat prices were now increasing, because the price of corn used as feed meal had surged to Bt18 per kilogram in the wake of large imports from the United State to produce ethanol. Corn exports to the US represent about 20 per cent of the Kingdom's total corn production.

Meanwhile, a Phillip Securities (Thailand) analyst said that even though the country's export prospects remained uncertain, due to a slow-down in the US economy and the baht's appreciation putting pressure on Thai exports, that would not effect shares of companies that exported chicken, such as CPF or GFPT.

The analyst believes chicken prices will increase next year, as a result of the increased quota on chicken exports to the EU.

Ayudhya Securities' Research Department does not expect CPF's lowered forecast to have much of an effect on the company's share price. However, CPF's investments abroad will have to be monitored, because except for the Russian projects, there is no clear investment plan.