Charoen Pokphand Foods (TH: CPF), the food arm of Charoen Pokphand Group, is riding high on its 53% rally this year, but the stock may serve up even more bacon for investors.

The Bangkok-based company’s products include fresh meat, animal feed, seafood products, ready-to-eat meals and processed foods. Poultry, pork and shrimps are its core products. Thailand accounts for nearly one third of the company’s revenues, while other parts of Asia account for the rest.

While this year’s rally is impressive, the road has been rough for CPF in recent years. An underperforming unit and tumbling meat prices halved the stock’s price over the last three years. But things are starting to turn around for the food company.

CPF has taken steps to restructure its shrimp business, which has struggled in recent years. Pork prices are also on the rise, giving the company a revenue boost. These combined factors have given investors a renewed appetite for CPF, contributing to the 53% boom since the start of the year.

Opteck, a binary options trading platform, speculates that improved consumer spending and rising pork prices in Thailand may set the stock up for another rally beyond its current level of THB27.75.

Looking ahead to the long-term, CPF may further benefit from a spike in meat sales in Asia, as incomes continue to rise.

CPF is also trading at 17 times earnings and 1.5 times book value, below its five…