Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Thai and Vietnamese swine prices weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia accelerated hog sales, putting further pressure on prices.</li><li>We expect GPM in 3Q25E to soften QoQ (despite lower feed costs), following what we see as the peak in 2Q25 driven by strong swine and broiler prices along with lower raw material costs.</li><li>Accordingly, we forecast sector earnings to grow YoY but decline QoQ in 3Q25E, and we maintain a “Neutral” investment weighting.</li></ul>

Thai and Vietnamese swine prices weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia accelerated hog sales, putting further pressure on prices.We expect GPM in 3Q25E to soften QoQ (despite lower feed costs), following what we see as the peak in 2Q25 driven by strong swine and broiler prices along with lower raw material costs.Accordingly, we forecast sector earnings to grow YoY but decline QoQ in 3Q25E, and we maintain a “Neutral” investment weighting.

Agribusiness And Food: Thai & Vietnamese Swine Prices Ease; 3Q25TD/YTD2025 Still Up YoY

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: 10 stocks remain, four new join the fray</li>
<li>Since inception, it has gained 75% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: 10 stocks remain, four new join the fray
Since inception, it has gained 75% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 50

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.</li>
<li>Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. </li>
<li>Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.</li>
</ul>


Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.
Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. 
Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.


Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

<ul><li>Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of Vietnam, the Philippines, and Cambodia, prompting accelerated selling and weighing on prices.</li><li>As a result, 3Q25E gross margins are expected to soften QoQ (despite a continued QoQ decline in feed raw material costs), following what is likely the peak margin in 2Q25E, driven by strong swine and broiler prices alongside easing input costs.</li><li>2Q25E profit is expected to have grown both YoY and QoQ, with earnings announcements scheduled between August 8-14. </li></ul>

Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of Vietnam, the Philippines, and Cambodia, prompting accelerated selling and weighing on prices.As a result, 3Q25E gross margins are expected to soften QoQ (despite a continued QoQ decline in feed raw material costs), following what is likely the peak margin in 2Q25E, driven by strong swine and broiler prices alongside easing input costs.2Q25E profit is expected to have grown both YoY and QoQ, with earnings announcements scheduled between August 8-14. 

Industry Update: Agribusiness and Food - AUGUST 7, 2025

<ul><li>The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.</li><li>We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.</li><li>Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).</li></ul>

The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

Thailand

Charoen Pokphand Foods operates a vertically integrated agro-industrial and food business, encompassing animal feed production, commercial animal breeding, farm operations, and manufacturing of food and ready-to-eat products. The company's key products include animal feed, livestock (swine, broiler, layer, duck), aquaculture (shrimp, fish), and various processed meat and food items. Headquartered in Bangkok, Thailand, the company was founded in 1978.

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Charoen Pokphand Foods (CPF TB)

Agribusiness And Food: Thai & Vietnamese Swine Prices Ease; 3Q25TD/YTD2025 Still Up YoY

Thai and Vietnamese swine prices weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 50

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: 10 stocks remain, four new join...

A. Stotz Investment Research

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Industry Update: Agribusiness and Food - AUGUST 7, 2025

Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of...

Krungthai XSpring

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

US tariffs on Thai livestock in case Thailand opens up imports of certain agricultural products from the US at a 0% tariff rate

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Agribusiness And Food: Thai & Vietnamese Swine Prices Ease; 3Q25TD/YTD2025 Still Up YoY

Thai and Vietnamese swine prices weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 50

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: 10 stocks remain, four new join...

A. Stotz Investment Research

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

​Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Industry Update: Agribusiness and Food - AUGUST 7, 2025

Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of...

Krungthai XSpring

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

US tariffs on Thai livestock in case Thailand opens up imports of certain agricultural products from the US at a 0% tariff rate

Krungthai XSpring

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...