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>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?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 30th. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Advanced Info Service, Gulf Energy Development, Central Pattana, Cp Axtra Nvdr, Bangkok Bank.


Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

<ul><li>Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.</li><li>These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.</li><li>Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. </li></ul>

Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. 

Industry Update: Agro & Food Industry - MAY 30, 2025

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of May 23rd. We estimate that they had an aggregated short interest worth USD2.2bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Advanced Info Service, Minor International, Central Pattana, Gulf Energy Development, True, Osotspa.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of May 23rd. We estimate that they had an aggregated short interest worth USD2.2bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Advanced Info Service, Minor International, Central Pattana, Gulf Energy Development, True, Osotspa.


Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International

<ul><li>With strong momentum in broiler and swine prices and declining raw material costs supporting sustained margin improvement, we expect earnings to grow YoY or remain stable or increase QoQ (except for GFPT, where profit may decline QoQ due to a one-off gain in 1Q25).</li><li>We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and the region.</li><li>Among them, we highlight TFG (Outperform; TP Bt5.85) as our top pick based on attractive valuation metrics. </li></ul>

With strong momentum in broiler and swine prices and declining raw material costs supporting sustained margin improvement, we expect earnings to grow YoY or remain stable or increase QoQ (except for GFPT, where profit may decline QoQ due to a one-off gain in 1Q25).We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and the region.Among them, we highlight TFG (Outperform; TP Bt5.85) as our top pick based on attractive valuation metrics. 

Industry Update Agro & Food Industry - May 21, 2025

Thailand

Thai Union Group Public Company Limited provides frozen and canned seafood products. The Company offers seafood products including tuna, sardines, mackerel, herring, and salmon. Thai Union Group serves customers worldwide.

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Thai Union Group (TU-R TB)

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

Thailand Short Interest Weekly (May 30th): Advanced Info Service, Gulf Energy Development

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Gulf Energy Development,...

Ke Yan, CFA, FRM

Industry Update: Agro & Food Industry - MAY 30, 2025

Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in...

Krungthai XSpring

Thailand Short Interest Weekly (May 23rd): Advanced Info Service, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Advanced Info Service, Minor International,...

Ke Yan, CFA, FRM

Industry Update Agro & Food Industry - May 21, 2025

We maintain a Neutral sector weighting and prefer swine-focused operators (BTG, CPF, and TFG), particularly those with operations in Thailand and...

Krungthai XSpring

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