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>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

<ul><li>The SET rebounded in response to news that Thailand would be subject to a 19% US import tariff, but ultimately retreated due to sell-on-fact pressure — particularly from leading blue-chip stocks such as DELTA, CPALL, GULF, ADVANC, PTT, and AOT.</li><li>This caused the index to tumble sharply in the afternoon session while both foreign investors and local funds were net sellers.</li><li>Despite this, the index still ended the week up 0.10% compared to the previous week.</li></ul>

The SET rebounded in response to news that Thailand would be subject to a 19% US import tariff, but ultimately retreated due to sell-on-fact pressure — particularly from leading blue-chip stocks such as DELTA, CPALL, GULF, ADVANC, PTT, and AOT.This caused the index to tumble sharply in the afternoon session while both foreign investors and local funds were net sellers.Despite this, the index still ended the week up 0.10% compared to the previous week.

<ul><li>Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.</li><li>We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.</li><li>We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER</li></ul>

Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Economic Update – Exports & Imports -JULY 29, 2025

<ul><li>The SET showed strong upward momentum, continuing its rally before profit taking caused a temporary pullback.</li><li>Nonetheless, the index rebounded in the afternoon session, boosted by buying activities in banking stocks following earnings results, while DELTA, energy and finance stocks also managed to bounce back.</li><li>In the meantime, foreign investors kept buying for the fourth consecutive day.</li></ul>

The SET showed strong upward momentum, continuing its rally before profit taking caused a temporary pullback.Nonetheless, the index rebounded in the afternoon session, boosted by buying activities in banking stocks following earnings results, while DELTA, energy and finance stocks also managed to bounce back.In the meantime, foreign investors kept buying for the fourth consecutive day.

<ul><li>The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.</li><li>The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.</li><li>These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.</li></ul>

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.The index advanced steadily, led by a rise in DELTA and further bolstered by gains in PTT, PTTEP, KBANK, and ADVANC, alongside consistent fund inflows.These factors lifted the index above the 1,200-point level, ultimately closing the week up 7.62%.

Thailand

Betagro Public Company Limited manufactures agricultural food products. The Company offers animal feed, raises livestock, produces animal health products, and markets meat products for human consumption. Betagro serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Betagro (BTG TB)

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

Technical Analysis - AUGUST 4, 2025

The SET rebounded in response to news that Thailand would be subject to a 19% US import tariff, but ultimately retreated due to sell-on-fact pressure

Krungthai XSpring

Economic Update – Exports & Imports -JULY 29, 2025

We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Krungthai XSpring

Technical Analysis - JULY 22, 2025

The SET showed strong upward momentum, continuing its rally before profit taking caused a temporary pullback. Nonetheless, the index rebounded in...

Krungthai XSpring

Technical Analysis - JULY 21, 2025

The SET continued to benefit from positive sentiment, supported by ongoing trade negotiations between Thailand and the US.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)