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

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).</li><li>In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.</li><li>Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219 points (75-day EMA).In the short term, the market is still waiting for confirmation of where the peak of Wave 1 (of the 5-wave upward structure in the Elliott Wave theory) will form before entering a correction phase.Wave 2 is expected to retrace around 50–61.8% of Wave 1’s length. 

KTX Zoom: China’s Trade Balance - MAY 9, 2025

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.

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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

KTX Zoom: China’s Trade Balance - MAY 9, 2025

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,200/1,192 points and the resistance at 1,215/1,219...

Krungthai XSpring

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