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>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.

<ul><li>With strong momentum in broiler and swine prices and declining raw material costs supporting sustained margin improvement, we expect earnings to grow YoY or remain stable or increase QoQ (except for GFPT, where profit may decline QoQ due to a one-off gain in 1Q25).</li><li>We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and the region.</li><li>Among them, we highlight TFG (Outperform; TP Bt5.85) as our top pick based on attractive valuation metrics. </li></ul>

With strong momentum in broiler and swine prices and declining raw material costs supporting sustained margin improvement, we expect earnings to grow YoY or remain stable or increase QoQ (except for GFPT, where profit may decline QoQ due to a one-off gain in 1Q25).We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and the region.Among them, we highlight TFG (Outperform; TP Bt5.85) as our top pick based on attractive valuation metrics. 

Industry Update Agro & Food Industry - May 21, 2025

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Delta Electronics Thailand  / Index Rebalance

<ul>
<li>With 8 trading days left in the review period, we forecast 3 changes for the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">Stock Exchange of Thailand SET 50 Index (SET50 INDEX)</a> in June.</li>
<li>Capping changes for <a href="https://www.smartkarma.com/entities/delta-electronics-thailand-pcl-98806732-8ac4-42b2-a565-ba32673d1e5a" target="_blank" data-smartkarma-citation="entities:20912:1" rel="noopener">Delta Electronics Thailand (DELTA TB)</a> will result in big passive selling in the stock and funding inflows for the other index constituents.</li>
<li>The forecast adds have drifted lower over the last 6 months and outperformed the <a href="https://www.smartkarma.com/entities/stock-exchange-of-thailand-set-50-index" target="_blank" data-smartkarma-citation="entities:31493:1" rel="noopener">SET 50 Index</a> while the deletes have dropped a lot and underperformed the index.</li>
</ul>


With 8 trading days left in the review period, we forecast 3 changes for the Stock Exchange of Thailand SET 50 Index (SET50 INDEX) in June.
Capping changes for Delta Electronics Thailand (DELTA TB) will result in big passive selling in the stock and funding inflows for the other index constituents.
The forecast adds have drifted lower over the last 6 months and outperformed the SET 50 Index while the deletes have dropped a lot and underperformed the index.


SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

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: 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

Industry Update Agro & Food Industry - May 21, 2025

We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and...

Krungthai XSpring

SET50 Index Rebalance Preview: Capping DELTA & Constituent Changes

There should be 3 constituent changes in June and large selling in DELTA due to capping. Passive trackers will need to buy 1.5-3.8x ADV in the adds...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)