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>4Q25 and 2025 earnings grew broadly in line with expectations. 1Q–2Q26E profit is expected to decline YoY due to higher feed costs from 4Q25, softer pork prices, and the export broiler business entering the low season.</li><li>We maintain our Underperform rating. While 2026–28E earnings are projected to grow at an 8% CAGR (vs. 6% for the sector), with 2026E profit falling 35% YoY before recovering in 2027–28E, the stock still implies 14% downside to our Bt16.40 fair value (11.7% required return).</li><li>4Q25 core profit and net profit were Bt913mn and Bt1,023mn, 5% above estimates on upbeat other income.</li></ul>

4Q25 and 2025 earnings grew broadly in line with expectations. 1Q–2Q26E profit is expected to decline YoY due to higher feed costs from 4Q25, softer pork prices, and the export broiler business entering the low season.We maintain our Underperform rating. While 2026–28E earnings are projected to grow at an 8% CAGR (vs. 6% for the sector), with 2026E profit falling 35% YoY before recovering in 2027–28E, the stock still implies 14% downside to our Bt16.40 fair value (11.7% required return).4Q25 core profit and net profit were Bt913mn and Bt1,023mn, 5% above estimates on upbeat other income.

BETAGRO Plc. (BTG): 4Q25/2025 Profit In Line; 1H26E/2026E To Fall YoY

Betagro

BETAGRO Plc. (BTG): 4Q25/2025 Profit In Line; 1H26E/2026E To Fall YoY