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 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

<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.

Thailand

Betagro is a leading integrated agro-industrial and food company in Thailand. Its core businesses include animal feed production, livestock farming, animal health products, and the production and distribution of meat, eggs, fish, and processed foods, including pet food. The company is headquartered in Bangkok, Thailand, and was founded in 1967.

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: 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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)