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

Equity Bottom-Up

<ul><li>1Q25 profit was strong QoQ and turned around from a loss YoY, driven by higher sales and improved margins.</li><li>The recovery momentum is expected to continue into 2Q25E, sparked by lower raw material costs and rising swine prices, which are likely to remain elevated through the end of 2Q owing to reduced supply from disease outbreaks and hot weather causing lower pig weight.</li><li>Based on the valuation metrics, we downgrade our view on the current fundamentals to sell to lock in profit (previously neutral), as the share price exceeds our estimated fair value of Bt21.4 (based on the earnings yield with a required return of 13.1%).</li></ul>

1Q25 profit was strong QoQ and turned around from a loss YoY, driven by higher sales and improved margins.The recovery momentum is expected to continue into 2Q25E, sparked by lower raw material costs and rising swine prices, which are likely to remain elevated through the end of 2Q owing to reduced supply from disease outbreaks and hot weather causing lower pig weight.Based on the valuation metrics, we downgrade our view on the current fundamentals to sell to lock in profit (previously neutral), as the share price exceeds our estimated fair value of Bt21.4 (based on the earnings yield with a required return of 13.1%).

Betagro - 1 Q2 5 Earnings Grew YoY and QoQ Due to Better GPM