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>3Q25 NP was Bt1.17bn, including a Bt64mn one-off loss (Bt84mn fair value loss on biological assets and Bt20mn gain from asset sales).</li><li>Core profit was Bt1.23bn (+35% YoY, –53% QoQ), supported by: i) sales of Bt30.6bn (+2% YoY, –3% QoQ), as higher volume (+7% YoY, +4% QoQ) was offset by weaker swine prices amid rainy-season demand and temporary labor shortages; ii) GPM rising to 15% (13.9% in 3Q24, 19.6% in 2Q25); iii) SG&amp;A-to-sales increasing to 10.6% (10.1%/10.3% in 3Q24/2Q25); and iv) a lower effective tax rate of 10% vs. 12% in 1H25.</li><li>For 4Q25E, swine prices could rebound after the Vegetarian Festival, with farm-gate prices expected at Bt62–69/kg (+6% WoW).</li></ul>

3Q25 NP was Bt1.17bn, including a Bt64mn one-off loss (Bt84mn fair value loss on biological assets and Bt20mn gain from asset sales).Core profit was Bt1.23bn (+35% YoY, –53% QoQ), supported by: i) sales of Bt30.6bn (+2% YoY, –3% QoQ), as higher volume (+7% YoY, +4% QoQ) was offset by weaker swine prices amid rainy-season demand and temporary labor shortages; ii) GPM rising to 15% (13.9% in 3Q24, 19.6% in 2Q25); iii) SG&amp;A-to-sales increasing to 10.6% (10.1%/10.3% in 3Q24/2Q25); and iv) a lower effective tax rate of 10% vs. 12% in 1H25.For 4Q25E, swine prices could rebound after the Vegetarian Festival, with farm-gate prices expected at Bt62–69/kg (+6% WoW).

BETAGRO Plc. (BTG): 3Q25 Core Profit +35% YoY, –53% QoQ; Above Estimates...

Betagro

BETAGRO Plc. (BTG): 3Q25 Core Profit +35% YoY, –53% QoQ; Above Estimates...