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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Thematic (Sector/Industry)

China Consumer staples distribution and retail / Thematic (Sector/Industry)

<ul><li>Thai and Vietnamese swine prices have rebounded after the monsoon season and ASF outbreaks in Vietnam.</li><li>We favor swine-exposed companies (BTG, CPF, TFG), supported by a price recovery in 4Q25—stronger in Vietnam due to ASF-related supply damage—and momentum into 1Q26 from the Chinese New Year.</li><li>Chinese swine price is flat WoW at CNY11.6/kg, while the December average fell 4% MoM to CNY11.56/kg due to oversupply.</li></ul>

Thai and Vietnamese swine prices have rebounded after the monsoon season and ASF outbreaks in Vietnam.We favor swine-exposed companies (BTG, CPF, TFG), supported by a price recovery in 4Q25—stronger in Vietnam due to ASF-related supply damage—and momentum into 1Q26 from the Chinese New Year.Chinese swine price is flat WoW at CNY11.6/kg, while the December average fell 4% MoM to CNY11.56/kg due to oversupply.

Agribusiness And Food: Thai & Vietnam Swine Rebound MoM In Dec; China Weak – Neutral