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>We have a positive view on the 1Q25E earnings, expecting strong QoQ profit growth and a turnaround from a YoY loss, driven by higher sales and improved margins.</li><li>The recovery momentum is expected to continue into 2Q25E, supported by lower raw material costs and rising swine prices, which are likely to remain elevated through the end of 2Q due to reduced supply from disease outbreaks and hot weather affecting weight gain of swine.</li><li>The view on the valuation has been revised to neutral based on the current fundamentals (previously buy), while the long-term growth outlook has been upgraded to strong (previously neutral), with 3-year profit growth expected at a CAGR of 24% per year.</li></ul>

We have a positive view on the 1Q25E earnings, expecting strong QoQ profit growth and a turnaround from a YoY loss, driven by higher sales and improved margins.The recovery momentum is expected to continue into 2Q25E, supported by lower raw material costs and rising swine prices, which are likely to remain elevated through the end of 2Q due to reduced supply from disease outbreaks and hot weather affecting weight gain of swine.The view on the valuation has been revised to neutral based on the current fundamentals (previously buy), while the long-term growth outlook has been upgraded to strong (previously neutral), with 3-year profit growth expected at a CAGR of 24% per year.

Betagro - Expect Strong 1Q25E Earnings Growth YoY and QoQ with Continued Growth Momentum in 2Q25E