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>The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.</li><li>Earlier, there had been expectations for the index to move toward 1,300 points.</li><li>We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.</li></ul>

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting results and monitored political developments.Earlier, there had been expectations for the index to move toward 1,300 points.We therefore maintain our recommendation to buy at the support while closely monitoring the movements of THAI and DELTA.

Krungthai XSpring Technical Eng. August 20, 2025

<ul><li>The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.</li><li>Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.</li><li>We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.</li></ul>

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund outflows and rising political risks.Although the index remains in a sideways-up trend, the recent decline and ease of breaking below support levels signal a correction phase, confirmed by the formation of a three black crows pattern.We recommend accumulative buy at the supports while the index’s pressure comes from simultaneous selling by foreign investors and local funds.

Krungthai XSpring Technical Eng. August 19, 2025

<ul><li>The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.</li><li>The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.</li><li>Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.</li></ul>

The market did not have any new supporting factors, and the 2Q25 earnings were already priced in.The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300 points.Accordingly, we recommend buying at the support, as the index is expected to rebound, while also keeping a close eye on the movement of large-cap stocks as a guideline.

Krungthai XSpring Technical Eng. August 18, 2025

Equity Bottom-Up

Charoen Pokphand Foods  / Equity Bottom-Up

<ul><li>2Q25 core profit grew 97% YoY and 28% QoQ, supported by higher margins YoY and QoQ from rising swine and broiler prices in Thailand, Vietnam, Cambodia, the Philippines, India, and Russia, along with lower raw material costs.</li><li>Valuation metrics: We upgrade our current fundamental view to undervalued (from neutral), as the share price implies 10% upside to the new fair value, while maintaining our tactical view of very limited downside.</li><li>Our fair value is revised to Bt26.50 using the earnings yield method, based on a required return of 12% and the new macro assumptions of Rf = 1.45% and MRP = 5.26%.</li></ul>

2Q25 core profit grew 97% YoY and 28% QoQ, supported by higher margins YoY and QoQ from rising swine and broiler prices in Thailand, Vietnam, Cambodia, the Philippines, India, and Russia, along with lower raw material costs.Valuation metrics: We upgrade our current fundamental view to undervalued (from neutral), as the share price implies 10% upside to the new fair value, while maintaining our tactical view of very limited downside.Our fair value is revised to Bt26.50 using the earnings yield method, based on a required return of 12% and the new macro assumptions of Rf = 1.45% and MRP = 5.26%.

CHAROEN POKPHAND FOODS Plc. (CPF): 2Q25 Earnings Grew 97% YoY And 28% QoQ

<ul><li>Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.</li><li>Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.</li><li>We recommend selective speculation, as the upward trend remains intact.</li></ul>

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled the SET lower.Technically, the index has been moving along the uptrend line resistance and remains above all short-term EMA lines.We recommend selective speculation, as the upward trend remains intact.

Krungthai XSpring Technical Eng. August 15, 2025

Thailand

CP ALL PCL operates convenience store chains in Thailand and China.  The Company also owns and operates the a department store chain located primarily in Shanghai city and Chonqing city of China.

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CP ALL PCL (CPALL TB)

Krungthai XSpring Technical Eng. August 20, 2025

The market faced selling pressure from both domestic funds and foreign investors for the fourth straight day, as investors awaited the Fed meeting...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 19, 2025

The market awaited the outcome of the US–Ukraine leaders’ meeting, but the SET declined for a third consecutive day amid concerns over fund...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 18, 2025

The index began to show signs of a consolidation phase, but this does not alter the primary uptrend, which remains intact with a target of 1,300...

Krungthai XSpring

CHAROEN POKPHAND FOODS Plc. (CPF): 2Q25 Earnings Grew 97% YoY And 28% QoQ

Our fair value is revised to Bt26.50 using the earnings yield method, based on a required return of 12% and the new macro assumptions of Rf = 1.45%...

Krungthai XSpring

Krungthai XSpring Technical Eng. August 15, 2025

Although the market faced no negative catalysts, profit-taking — coupled with selling pressure from domestic funds and foreign investors — pulled...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)