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 SET Index is expected to trade sideways today, with the resistance at 1,275/1,280 points and the support at 1,260/1,250 points (50-week EMA).</li>
<li>The index has already risen by about 20% from the low of 1,053.79 points on June 23, and the approach of a long weekend (Saturday to Tuesday) is likely to prompt short-term profit-taking to reduce exposure to external market uncertainties early next week.</li>
<li>External factors are slightly negative amid this morning’s MSCI rebalancing announcement, effective at the close on August 26, which removes two Thai stocks (OR, HMPRO) from the Global Standard Index and three stocks (SISB, TPIPL, ICHI) from the Small Cap Index, while adding only two companies — KTC and HMPRO (moved down from the Global Standard Index). </li>
</ul>


The SET Index is expected to trade sideways today, with the resistance at 1,275/1,280 points and the support at 1,260/1,250 points (50-week EMA).
The index has already risen by about 20% from the low of 1,053.79 points on June 23, and the approach of a long weekend (Saturday to Tuesday) is likely to prompt short-term profit-taking to reduce exposure to external market uncertainties early next week.
External factors are slightly negative amid this morning’s MSCI rebalancing announcement, effective at the close on August 26, which removes two Thai stocks (OR, HMPRO) from the Global Standard Index and three stocks (SISB, TPIPL, ICHI) from the Small Cap Index, while adding only two companies — KTC and HMPRO (moved down from the Global Standard Index). 


<ul><li>Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of Vietnam, the Philippines, and Cambodia, prompting accelerated selling and weighing on prices.</li><li>As a result, 3Q25E gross margins are expected to soften QoQ (despite a continued QoQ decline in feed raw material costs), following what is likely the peak margin in 2Q25E, driven by strong swine and broiler prices alongside easing input costs.</li><li>2Q25E profit is expected to have grown both YoY and QoQ, with earnings announcements scheduled between August 8-14. </li></ul>

Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of Vietnam, the Philippines, and Cambodia, prompting accelerated selling and weighing on prices.As a result, 3Q25E gross margins are expected to soften QoQ (despite a continued QoQ decline in feed raw material costs), following what is likely the peak margin in 2Q25E, driven by strong swine and broiler prices alongside easing input costs.2Q25E profit is expected to have grown both YoY and QoQ, with earnings announcements scheduled between August 8-14. 

Industry Update: Agribusiness and Food - AUGUST 7, 2025

<ul><li>The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).</li><li>Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.</li><li>Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. </li></ul>

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231 points (unfilled gap).Domestic factors remain positive, as July inflation continues to grow below target, increasing the likelihood of a future rate cut by the MPC.Foreign fund inflows into Thai equities also persist, supported by the weakening USD Dollar Index, with foreign investors buying another Bt2.06bn in Thai stocks yesterday. 

<ul><li>The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.</li><li>External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.</li><li>Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. </li></ul>

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217 points (10-day EMA)/1,210 points.External factors have become more positive, following a rebound in the US stock market and other markets that had sharply declined on Friday, creating more favorable sentiment for Asian markets this morning.Domestic factors are also seen as positive, with continued signs of upward revisions to Thailand’s economic forecasts driven by sustained export momentum, which has helped boost investor confidence. 

<ul><li>The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.</li><li>We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.</li><li>Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).</li></ul>

The US tariff measure requiring Thailand to increase imports of certain agricultural products from the US (details and procedures are not yet available, but the approach is expected to be similar to the Thailand-Australia FTA, which sets import quotas and gradually reduces tariff rates) may include frozen swine products and animal feed ingredients such as corn and soybean meal.We initially assess the net impact to be neutral for large integrated meat producers but negative for small- to mid-sized livestock farmers.Overall, we expect a slightly positive impact on TFG (Neutral; FV=Bt5.10), a neutral impact on BTG (Neutral; FV=Bt17.50), a slightly negative impact on CPF (Neutral; FV=Bt21.50), and net positive impact for sole broiler producers like GFPT (Neutral; FV=Bt9.20).

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

Thailand

Thaifoods Group Public Company Limited is the manufacturer and processor of poultry and swine products. The Company's business involves hatcheries, contract farming, raw chicken meat processing for export, and domestic distribution. Thaifoods Group operates in Southeast Asia.

Thai Foods Group Public Company Limited (TFG TB)

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Thai Foods Group Public Company Limited (TFG TB)

KTX Zoom - AUGUST 8, 2025

The SET Index is expected to trade sideways today, with the resistance at 1,275/1,280 points and the support at 1,260/1,250 points (50-week EMA).

Krungthai XSpring

Industry Update: Agribusiness and Food - AUGUST 7, 2025

Thai and Vietnamese swine prices have recently declined during the monsoon season, with additional pressure from ASF outbreaks reported in parts of...

Krungthai XSpring

KTX Zoom - AUGUST 6, 2025

The SET Index is expected to move sideways today, with the resistance at 1,255/1,261 points and the support at 1,238 points (200-day EMA) and 1,231...

Krungthai XSpring

KTX Zoom - AUGUST 5, 2025

The SET Index is expected to continue its rebound today, with the resistance levels at 1,237/1,249 points (50-day EMA) and support levels at 1,217...

Krungthai XSpring

Industry Update: US Tariffs on Thai Livestock - AUGUST 4, 2025

US tariffs on Thai livestock in case Thailand opens up imports of certain agricultural products from the US at a 0% tariff rate

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)