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.

Equity Bottom-Up

<ul><li>Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl.</li><li>Thailand's headline inflation is expected to decline a further 0.2% MoM in July.</li><li>TRUE (Buy, TP: Bt16.00) reported 2Q26 net profit of Bt6.6bn (+2.2x YoY), beating expectations.</li></ul>

Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl.Thailand's headline inflation is expected to decline a further 0.2% MoM in July.TRUE (Buy, TP: Bt16.00) reported 2Q26 net profit of Bt6.6bn (+2.2x YoY), beating expectations.

Krungthai XSpring Zoom Eng. August 5, 2026

Delta Electronics (Thailand) / Equity Bottom-Up

<ul><li>Brent crude oil climbed to USD100/bbl after the Houthis attacked a Saudi crude oil tanker in the Red Sea, providing continued support for the energy and petrochemical sectors (PTTEP, PTT, IVL).</li><li>Investors continued to sell technology stocks amid inflation concerns and growing questions over the returns on massive AI investments, weighing on the electronics sector.</li><li>Investment promotion applications remained robust in 1H26, rising 37% YoY to Bt1.47tn, driven by investment in the digital industry.</li></ul>

Brent crude oil climbed to USD100/bbl after the Houthis attacked a Saudi crude oil tanker in the Red Sea, providing continued support for the energy and petrochemical sectors (PTTEP, PTT, IVL).Investors continued to sell technology stocks amid inflation concerns and growing questions over the returns on massive AI investments, weighing on the electronics sector.Investment promotion applications remained robust in 1H26, rising 37% YoY to Bt1.47tn, driven by investment in the digital industry.

Krungthai XSpring Zoom Eng. July 24, 2026

<ul><li>The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.</li><li>Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.</li><li>We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.</li></ul>

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on vessels passing through the Strait of Hormuz.Concerns over tighter oil supply sent crude oil prices surging 9%, heightening inflation risks.We therefore recommend using any weakness as an opportunity to accumulate domestic plays with remaining upside.

Krungthai XSpring Zoom Eng. July 14, 2026

<ul><li>Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.</li><li>Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.</li><li>We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.</li></ul>

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports following Iran's attack on a commercial vessel in the Strait of Hormuz, raising concerns over the stability of the ceasefire.Negotiations on the Thailand-EU Free Trade Agreement (Thailand-EU FTA) have progressed by around two-thirds.We expect SCGP (Outperform, TP: Bt33.75) to report a doubling of 2Q26E net profit YoY to Bt2.0bn, supported by revenue growth and improving business performance in Indonesia.

<ul><li>4Q25E core profit is expected to declined 9% YoY and 29% QoQ on lower swine prices.</li><li>While margins should recover in 1Q– 2Q26E as prices rebound, BTG’ s swine operations are limited to Thailand, offering less upside than CPF and TFG, which benefit from Vietnam (and China for CPF).</li><li>We switch to Underperform (from Neutral) . Despite 2026–28E profit growth of 8% CAGR (vs. a sector average of 6% ) , with 2026E profit expected to fall 33% YoY to a low base before recovering in 2027–28E, the stock has 19% downside to the 12M forward FV of Bt15. 10 ( based on a required return of 14.8%; previously Bt17.70 / 12.6%). With very limited tactical upside, BTG offers limited appeal in the near term.</li></ul>

4Q25E core profit is expected to declined 9% YoY and 29% QoQ on lower swine prices.While margins should recover in 1Q– 2Q26E as prices rebound, BTG’ s swine operations are limited to Thailand, offering less upside than CPF and TFG, which benefit from Vietnam (and China for CPF).We switch to Underperform (from Neutral) . Despite 2026–28E profit growth of 8% CAGR (vs. a sector average of 6% ) , with 2026E profit expected to fall 33% YoY to a low base before recovering in 2027–28E, the stock has 19% downside to the 12M forward FV of Bt15. 10 ( based on a required return of 14.8%; previously Bt17.70 / 12.6%). With very limited tactical upside, BTG offers limited appeal in the near term.

BETAGRO Plc. (BTG): 4Q25E Profit Down YoY/QoQ; Better Swine Prices in 1Q26E

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CPF Global Food Solution (2247162D TB)

Krungthai XSpring Zoom Eng. August 5, 2026

Progress in US-Iran negotiations has led to the reopening of the Strait of Hormuz to oil tankers, pushing Brent crude below USD80/bbl. Thailand's...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 24, 2026

Brent crude oil climbed to USD100/bbl after the Houthis attacked a Saudi crude oil tanker in the Red Sea, providing continued support for the...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 14, 2026

The Middle East conflict has reignited after the US announced plans to reinstate a blockade of Iranian ports and may impose transit fees on...

Krungthai XSpring

Krungthai XSpring Zoom Eng. July 8, 2026

Crude oil prices rose more than 2% this morning amid concerns over tighter supply after the US revoked its waiver on Iranian crude oil exports...

Krungthai XSpring

BETAGRO Plc. (BTG): 4Q25E Profit Down YoY/QoQ; Better Swine Prices in 1Q26E

While margins should recover in 1Q– 2Q26E as prices rebound, BTG’ s swine operations are limited to Thailand, offering less upside than CPF and...

Krungthai XSpring

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