Analysts at Asia Securities Plus are downgrading Charoen Pokphand Foods' (CP Foods'), recommending a "holding for dividend" for the firm's shares.

Reason for the downgrade are lower earnings forecasts for the rest of the year, and next year.

Despite a recovery in the first quarter of 2014 -- CP Foods doubled its profits year-on-year -- the analysts expect a 14.7 percent drop in earnings this year and 12.5 percent in 2015, down from the previously estimated figures.

The reason are mainly challenges in the raw material market for feed, the analysts said.

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