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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>1Q25E core profit is expected to grow YoY and QoQ, accounting for 30% of the 2025E full-year forecast.</li><li>However, the share price has already priced in the positive earnings outlook for 1Q25E.</li><li>Moreover, both core and net profit for 2025E are expected to decline by 4% and 9% YoY, respectively.</li></ul>

1Q25E core profit is expected to grow YoY and QoQ, accounting for 30% of the 2025E full-year forecast.However, the share price has already priced in the positive earnings outlook for 1Q25E.Moreover, both core and net profit for 2025E are expected to decline by 4% and 9% YoY, respectively.

GFPT - Expect 1Q25E Core Profit Growth of 27% YoY, 80% QoQ

<ul><li>Core profit for 2024 and 4Q24 came in slightly below expectations due to higher-than-expected tax expenses.</li><li>The 4Q24 profit declined YoY as 4Q-1Q is the low season for the broiler export <span style="font-size: var(--content-font-size);">business.</span></li><li>The valuation metrics show that the stock remains fundamentally attractive, with the stock price decline opening up 43% upside to the fair value.</li></ul>

Core profit for 2024 and 4Q24 came in slightly below expectations due to higher-than-expected tax expenses.The 4Q24 profit declined YoY as 4Q-1Q is the low season for the broiler export business.The valuation metrics show that the stock remains fundamentally attractive, with the stock price decline opening up 43% upside to the fair value.

GFPT - 4Q24 Core Profit Down 23% YoY and 45% QoQ

<ul><li>Although 2024E core profit is expected to have surged by 49%, 4Q24E core profit is projected to have declined by 12% YoY and 37% QoQ ( the weakest quarter of the year) due to the seasonal low period for the broiler export business in 4Q-1Q.</li><li>Hence, there is a lack of catalysts over the next three months.</li><li>The valuation metrics remain attractive in the short term, as the stock's decline has opened 38% upside to its fair value.</li></ul>

Although 2024E core profit is expected to have surged by 49%, 4Q24E core profit is projected to have declined by 12% YoY and 37% QoQ ( the weakest quarter of the year) due to the seasonal low period for the broiler export business in 4Q-1Q.Hence, there is a lack of catalysts over the next three months.The valuation metrics remain attractive in the short term, as the stock's decline has opened 38% upside to its fair value.

GFPT - 4Q24E Core Profit Expected to Have Fallen 12% YoY and 37% QoQ

Thematic (Sector/Industry)

<ul><li>Foreign investors turned net buyers again, though it may be short-term trading.</li><li>The SET Index is expected to move sideways today, with the support at 1,266/1,250 and the resistance at 1,287/1,300.</li><li>Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to expand.</li></ul>

Foreign investors turned net buyers again, though it may be short-term trading.The SET Index is expected to move sideways today, with the support at 1,266/1,250 and the resistance at 1,287/1,300.Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to expand.

Krungthai XSpring Zoom Eng. November 18, 2025

<ul><li>The SET Index is expected to trade sideways with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance at 1,287/1,300 points.</li><li>We expect lingering doubts over Fed rate cuts and the stronger dollar to keep global and Thai markets volatile and temporarily slow foreign fund inflows.</li><li>China’s economic indicators for 4Q25 show continued signs of weakness.</li></ul>

The SET Index is expected to trade sideways with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance at 1,287/1,300 points.We expect lingering doubts over Fed rate cuts and the stronger dollar to keep global and Thai markets volatile and temporarily slow foreign fund inflows.China’s economic indicators for 4Q25 show continued signs of weakness.

Krungthai XSpring Zoom Eng. November 17, 2025

Thailand

GFPT Public Company Limited produces frozen chicken parts and distributes its products under GFPT, Common Food, and Nichirei Core.  The Company sells its products to domestic and export markets.

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GFPT Public Company Limited (GFPT TB)

GFPT - Expect 1Q25E Core Profit Growth of 27% YoY, 80% QoQ

1Q25E core profit is expected to grow YoY and QoQ, accounting for 30% of the 2025E full-year forecast. However, the share price has already priced...

Krungthai XSpring

GFPT - 4Q24 Core Profit Down 23% YoY and 45% QoQ

The valuation metrics show that the stock remains fundamentally attractive, with the stock price decline opening up 43% upside to the fair value.

Krungthai XSpring

GFPT - 4Q24E Core Profit Expected to Have Fallen 12% YoY and 37% QoQ

Although 2024E core profit is expected to have surged by 49%, 4Q24E core profit is projected to have declined by 12% YoY and 37% QoQ

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 18, 2025

Thailand’s softer 3Q25 GDP was primarily driven by contractions in government spending and public investment, while other components continued to...

Krungthai XSpring

Krungthai XSpring Zoom Eng. November 17, 2025

The SET Index is expected to trade sideways with a downward bias today, drifting softly with the support at 1,263/1,250 points and the resistance...

Krungthai XSpring

Price Gauge

52-week Range

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