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

<ul><li>KTX maintains our neutral rating with a new 12-month forward fair value (FV) of Bt28.25, based on a 9.2% required return and implying a PER of 10.6x (previously Bt25.80, based on an 8.41% required return).</li><li>Our valuation metrics indicate only 3% upside from the current share price.</li><li>Meanwhile, earnings are likely to remain stable, with the favorable soybean cycle expected to result in a high earnings base in 2026E.</li></ul>

KTX maintains our neutral rating with a new 12-month forward fair value (FV) of Bt28.25, based on a 9.2% required return and implying a PER of 10.6x (previously Bt25.80, based on an 8.41% required return).Our valuation metrics indicate only 3% upside from the current share price.Meanwhile, earnings are likely to remain stable, with the favorable soybean cycle expected to result in a high earnings base in 2026E.

THAI VEGETABLE OIL Plc. (TVO): Strongest Margin in Four Quarters - Neutral (12M FWD Fair Value Bt28.25)

<ul><li>KTX maintains a Neutral rating with a 12M FV of Bt25.80, based on a required return of 8.41%, implying a target PER of 11.9x.</li><li>TVO reported 1Q26 core profit of Bt503mn (-9% YoY, -5% QoQ), around 8% below Bloomberg consensus estimate.</li><li>2Q26E earnings outlook should improve, supported by stabilizing soybean costs.</li></ul>

KTX maintains a Neutral rating with a 12M FV of Bt25.80, based on a required return of 8.41%, implying a target PER of 11.9x.TVO reported 1Q26 core profit of Bt503mn (-9% YoY, -5% QoQ), around 8% below Bloomberg consensus estimate.2Q26E earnings outlook should improve, supported by stabilizing soybean costs.

THAI VEGETABLE OIL Plc. (TVO): 1Q26 Profit Was Stable...

<ul><li>TVO reported a 4Q25 net profit of Bt522mn (-35% YoY, +7% QoQ), about 7% above Bloomberg consensus.</li><li>4Q25 revenue totaled Bt7.9bn (-1% YoY, +23% QoQ).</li><li>We expect 1Q26E and 2026E earnings to soften, as recovering soybean prices may pressure margins.</li></ul>

TVO reported a 4Q25 net profit of Bt522mn (-35% YoY, +7% QoQ), about 7% above Bloomberg consensus.4Q25 revenue totaled Bt7.9bn (-1% YoY, +23% QoQ).We expect 1Q26E and 2026E earnings to soften, as recovering soybean prices may pressure margins.

THAI VEGETABLE OIL Plc. (TVO): Strong 4Q25 Earnings, But 1Q26E Outlook May Soften

<ul><li>We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).</li><li>Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.</li><li>TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.</li></ul>

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

Thematic (Sector/Industry)

<ul><li>As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.</li><li>Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.</li><li>Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.</li></ul>

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.Their combined net profit for 1Q26 stood at Bt352,956mn, an increase of +50.1% QoQ and +24.0% YoY.Excluding Energy, Petrochemicals, and Commercial Banking, their net profit was valued at Bt126,744mn, expanding +21.5% QoQ and +15.7% YoY, which also beat the Bloomberg Consensus estimate by 8.5%.

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

Thailand

Thai Vegetable Oil manufactures and distributes soy meal and various vegetable oils, including soybean, corn, sunflower, and canola oils, primarily under the A-Ngoon, Healthy Chef, and Queen brands. The company also produces animal feed ingredients like soybean meal. Thai Vegetable Oil Public Company Limited was established in 1967 and is headquartered in Bangkok, Thailand.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Thai Vegetable Oil (TVO TB)

THAI VEGETABLE OIL Plc. (TVO): Strongest Margin in Four Quarters - Neutral (12M FWD Fair Value Bt28.25)

KTX maintains our neutral rating with a new 12-month forward fair value (FV) of Bt28.25, based on a 9.2% required return and implying a PER of...

Krungthai XSpring

THAI VEGETABLE OIL Plc. (TVO): 1Q26 Profit Was Stable...

KTX maintains a Neutral rating with a 12M FV of Bt25.80, based on a required return of 8.41%, implying a target PER of 11.9x.

Krungthai XSpring

THAI VEGETABLE OIL Plc. (TVO): Strong 4Q25 Earnings, But 1Q26E Outlook May Soften

TVO reported a 4Q25 net profit of Bt522mn (-35% YoY, +7% QoQ), about 7% above Bloomberg consensus. 4Q25 revenue totaled Bt7.9bn (-1% YoY, +23% QoQ).

Krungthai XSpring

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).

Krungthai XSpring

Special Report: 1Q26 Performance Was Relatively Strong And Better Than Expected

As of May 15, 2026, a total of 714 listed companies on the SET index (accounting for 99% of total market capitalization) have reported their earnings.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)