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 weaken, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.</li><li>The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).</li><li>If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).</li></ul>

The SET Index is expected to weaken, with the support levels at 1,114/1,105 points and the resistance at 1,130/1,135 points.The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).If the index falls below 1,114 points, it will reflect downside risk toward 1,094 points (the gap opened on April 9) or even 1,056 points (the year’s low).

KTX Zoom: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

<ul><li>Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.</li><li>Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.</li><li>GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. </li></ul>

Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. 

Industry Update - Will the Meat Sector Benefit from US Tariffs?

<ul><li>The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.</li><li>We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.</li><li>This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). </li></ul>

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.We maintain a Selective Buy recommendation based on the technical signals, which are beginning to show positive signs as the index continued to form higher highs and higher lows for the third consecutive day.This suggests a high likelihood of a buy signal within the next 1-2 days (to be confirmed if the index breaks above 1,149 points and the daily EMA). 

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: All fourteen stocks have changed in the portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: All fourteen stocks have changed in the portfolio
Since its inception, it has generated a before-fee total return of 262% versus the MSCI Asia ex Japan of 110%


<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added into portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added into portfolio
Since its inception, the portfolio has generated a before-fee total return of 264% versus MSCI ASEAN’s 46%


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: Risk-Off Sentiment Emerging Due to the Middle East War, Weighing on Risk Assets

The technical signals remain in a downtrend (last week showed potential for a rebound, but the index failed to break above 1,144 points).

Krungthai XSpring

Industry Update - Will the Meat Sector Benefit from US Tariffs?

We maintain a Neutral sector weighting and highlight TFG as the most attractive pick based on the valuation metrics (Outperform; FV = Bt5.95).

Krungthai XSpring

KTX Zoom - JUNE 12, 2025

The SET Index is expected to move sideways up, with the resistance at 1,149/1,160 points and the support at 1,134/1,130 points.

Krungthai XSpring

The Stocks to Own in Asia – Vol. 49

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: All 14 stocks have changed.

A. Stotz Investment Research

The Stocks to Own in ASEAN – Vol. 51

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

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