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 weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia accelerated hog sales, putting further pressure on prices.</li><li>We expect GPM in 3Q25E to soften QoQ (despite lower feed costs), following what we see as the peak in 2Q25 driven by strong swine and broiler prices along with lower raw material costs.</li><li>Accordingly, we forecast sector earnings to grow YoY but decline QoQ in 3Q25E, and we maintain a “Neutral” investment weighting.</li></ul>

Thai and Vietnamese swine prices weakened during the monsoon season, while ASF outbreaks in parts of Vietnam, the Philippines, Laos, and Cambodia accelerated hog sales, putting further pressure on prices.We expect GPM in 3Q25E to soften QoQ (despite lower feed costs), following what we see as the peak in 2Q25 driven by strong swine and broiler prices along with lower raw material costs.Accordingly, we forecast sector earnings to grow YoY but decline QoQ in 3Q25E, and we maintain a “Neutral” investment weighting.

Agribusiness And Food: Thai & Vietnamese Swine Prices Ease; 3Q25TD/YTD2025 Still Up YoY