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.

Cross Asset Strategy

<ul><li>The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.</li><li>We recommend trading buy on ASIAN, TTB and COM7.</li><li>Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).</li></ul>

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points.We recommend trading buy on ASIAN, TTB and COM7.Technically, the index may weaken to 1,600 points if it is unable to surpass the previous resistance at 1,642 points within one or two days; the loss-stopping point should be at 1,612 points (200-day EMA).

Macroeconomics

<ul><li>The fragile economic recovery will prompt the MPC to closely monitor the currency exchange trend, foreign fund inflows and other relevant situations.</li><li>As expected by both us and the market, the Monetary Policy Committee (MPC) voted unanimously to maintain the policy rate at 0.50% to support the economic recovery.</li><li>It is projected to take approximately two years for overall economic activities to return to the pre-pandemic level.</li></ul>

The fragile economic recovery will prompt the MPC to closely monitor the currency exchange trend, foreign fund inflows and other relevant situations.As expected by both us and the market, the Monetary Policy Committee (MPC) voted unanimously to maintain the policy rate at 0.50% to support the economic recovery.It is projected to take approximately two years for overall economic activities to return to the pre-pandemic level.

Time Will Be Needed for Economy to Recover

Equity Bottom-Up

<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

<ul><li>The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.</li><li>External factors are on a positive tone after the Fed Chair signaled the possibility of a rate cut last Friday, supporting a decline in US bond yields and an uptick in US equities.</li><li>On the domestic front, the outlook is slightly positive as Thailand's exports in July remain on track for strong growth, easing concerns about the impact of US tariffs on the economy and Thai stock market.</li></ul>

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points.External factors are on a positive tone after the Fed Chair signaled the possibility of a rate cut last Friday, supporting a decline in US bond yields and an uptick in US equities.On the domestic front, the outlook is slightly positive as Thailand's exports in July remain on track for strong growth, easing concerns about the impact of US tariffs on the economy and Thai stock market.

Fed Chair Signals Rate Cuts; Thai Exports to Continue Expanding, Supporting Further Gains in the Market

<ul><li>The SET Index today is expected to trade with volatility, with the resistance at 1,254/1,260 points and the support at 1,240 points (200-day EMA)/1,231 points.</li><li>External factors are viewed as neutral, as the US and Europe have shown a more relaxed stance on trade regulations, though markets remain concerned about the Fed's potential rate cuts (focus on Fed Chair Powell's speech tonight at the Jackson Hole meeting).</li><li>Domestic factors are also neutral, with attention on the political issue as the Criminal Court is set to deliver a verdict in the case of former Prime Minister Thaksin today.</li></ul>

The SET Index today is expected to trade with volatility, with the resistance at 1,254/1,260 points and the support at 1,240 points (200-day EMA)/1,231 points.External factors are viewed as neutral, as the US and Europe have shown a more relaxed stance on trade regulations, though markets remain concerned about the Fed's potential rate cuts (focus on Fed Chair Powell's speech tonight at the Jackson Hole meeting).Domestic factors are also neutral, with attention on the political issue as the Criminal Court is set to deliver a verdict in the case of former Prime Minister Thaksin today.

South Africa

The Foschini Group Ltd. is an investment holding company for a group of companies which operate chain stores that retail clothing, cosmetics, jewelry, accessories and sporting goods throughout southern Africa.

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Foschini Group Ltd (TFG SJ)

Market Outlook

The SET Index is expected to move sideways down, with the resistance at 1,642/1,650 points and the support at 1,624/1,612 points. We recommend...

Krungthai XSpring

Time Will Be Needed for Economy to Recover

The fragile economic recovery will prompt the MPC to closely monitor the currency exchange trend, foreign fund inflows and other relevant...

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

Fed Chair Signals Rate Cuts; Thai Exports to Continue Expanding, Supporting Further Gains in the Market

The SET Index is expected to continue rising today, with the support at 1,250/1,231 points and the resistance at 1,260/1,274 points. External...

Krungthai XSpring

Today's Dominant Ideas

The SET Index today is expected to trade with volatility, with the resistance at 1,254/1,260 points and the support at 1,240 points (200-day...

Krungthai XSpring

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