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>Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.</li><li>Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.</li><li>GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. </li></ul>

Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. 

Industry Update - Will the Meat Sector Benefit from US Tariffs?

<ul><li>The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.</li><li>Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.</li><li>Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.</li></ul>

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.Combined with the impact of the MSCI rebalancing and the upcoming long holiday, this led the index to trade in negative territory throughout the day.Selling pressure in large-cap stocks, particularly DELTA, ADVANC, and CPALL, pulled the index below the 1,150-point level, resulting in a weekly decline of 2.31%.

<ul><li>Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.</li><li>These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.</li><li>Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. </li></ul>

Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. 

Industry Update: Agro & Food Industry - MAY 30, 2025

<ul><li>The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.</li><li>However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.</li><li>Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.</li></ul>

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.However, the absence of strong domestic catalysts and persistently low trading volume led to profit-taking pressure, causing the index to retreat.Still, gains in DELTA, along with energy and food stocks, helped the index close slightly higher.

<ul><li>Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.</li><li>Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.</li><li>As a result, the index hovered around the 1,160- point level.</li></ul>

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up gains due to a lack of new market  catalysts and ongoing concerns over a sluggish domestic economy.Uncertainty surrounding the 2026 fiscal budget added to the selling pressure, particularly in heavyweights like DELTA and KBANK, dragging the index back down.As a result, the index hovered around the 1,160- point level.

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.

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Betagro (BTG TB)

Industry Update - Will the Meat Sector Benefit from US Tariffs?

We maintain a Neutral sector weighting and highlight TFG as the most attractive pick based on the valuation metrics (Outperform; FV = Bt5.95).

Krungthai XSpring

Technical Analysis - JUNE 4, 2025

The SET Index faced pressure from a temporary suspension of the US International Trade Court tariff ruling by the US Federal Appeals Court.

Krungthai XSpring

Industry Update: Agro & Food Industry - MAY 30, 2025

Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in...

Krungthai XSpring

Technical Analysis - MAY 30, 2025

The SET rebounded in line with broader Asian markets after the International Trade Court ordered a suspension of President Trump’s tariff measures.

Krungthai XSpring

Technical Analysis- MAY 29, 2025

Although US stock markets rebounded — prompting most Asian bourses, including the SET, to climb early in the session — the SET quickly gave up...

Krungthai XSpring

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