This story appears in the July 2023 issue of Forbes Asia. Subscribe to Forbes Asia
Vasit Taepaisitphongse, CEO and president of Betagro.
Chaiyasith Junjuedee/Forbes Thailand
This story is part of Forbes’ coverage of Thailand’s Richest 2023. See the full list here.
One of Thailand’s most-awaited IPOs of 2022 was that of Betagro, an agri-food conglomerate controlled by Chaivat Taepaisitphongse. The November listing, the country’s second-biggest, raised $575 million and propelled the patriarch back into the ranks of Thailand’s richest after a two-year gap. He’s at No. 30 with a net worth of $1.2 billion.
Betagro now has its sights set on becoming a leader in the global food industry. The company plans to pump some of the IPO proceeds into ramping up production and building more farms and factories in Thailand and overseas—in Laos, Cambodia and Myanmar. Betagro, which sells its products domestically and exports to more than 20 countries, will also introduce new products such as ready-to-eat meals. “Betagro’s strategy to expand into value-added products and in overseas markets will drive profit growth and allow it to sustain margins at high levels,” says Prasit Sujiravorakul, a Bangkok-based equity research analyst at Bualuang Securities.
Chaivat Taepaisitphongse.
Courtesy
Betagro’s 2022 net profit surged almost eightfold year-on-year to 7.94 billion baht ($230 million) as revenue jumped 31% to 113.88 billion baht on higher sales volume and product prices. However, concerns about the global economic slowdown, domestic political uncertainties and weaker swine prices meant its shares were trading at a 30% discount to the IPO price as of early June.
Chaivat’s family owns almost three-quarters of Betagro, which was founded in 1967 as an animal-feed producer before adding livestock, pharmaceuticals and supplements for animals, and branded food products such as pork, poultry, eggs, sausages and plant-based protein. After running the company for more than four decades, Chaivat stepped down as chairman in 2021. His son Vasit is CEO and president of Betagro. Four other family members also sit on the company’s board.