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>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

<ul><li>Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.</li><li>In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.</li><li>Wave 2 typically retraces around 50-61.8% of Wave 1’s length.</li></ul>

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.In the short term, the market is still awaiting confirmation of the peak of Wave 1 (of the 5-wave uptrend in the Elliott Wave theory) before entering a correction phase.Wave 2 typically retraces around 50-61.8% of Wave 1’s length.

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

<ul><li>The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited movements among large-cap stocks.</li><li>The index was boosted by gains in DELTA, ADVANC, energy, and banking shares.</li><li>Meanwhile, the market was awaiting new catalysts, particularly the upcoming the MPC meeting results, and Asian bourses moved mixed.</li></ul>

The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited movements among large-cap stocks.The index was boosted by gains in DELTA, ADVANC, energy, and banking shares.Meanwhile, the market was awaiting new catalysts, particularly the upcoming the MPC meeting results, and Asian bourses moved mixed.

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)

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

KTX Zoom: BoE Expected to Cut Interest Rates Further - MAY 8, 2025

Technically, the SET Index is expected to move sideways, with the support levels at 1,208/1,200 points and the resistance at 1,230/1,235 points.

Krungthai XSpring

Technical Analysis - APRIL 29, 2025

The SET surged to test the resistance at 1,164 points before retreating to fluctuate within a narrow range, due to light trading volume and limited...

Krungthai XSpring

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