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>4Q25E core profit is expected to declined 9% YoY and 29% QoQ on lower swine prices.</li><li>While margins should recover in 1Q– 2Q26E as prices rebound, BTG’ s swine operations are limited to Thailand, offering less upside than CPF and TFG, which benefit from Vietnam (and China for CPF).</li><li>We switch to Underperform (from Neutral) . Despite 2026–28E profit growth of 8% CAGR (vs. a sector average of 6% ) , with 2026E profit expected to fall 33% YoY to a low base before recovering in 2027–28E, the stock has 19% downside to the 12M forward FV of Bt15. 10 ( based on a required return of 14.8%; previously Bt17.70 / 12.6%). With very limited tactical upside, BTG offers limited appeal in the near term.</li></ul>

4Q25E core profit is expected to declined 9% YoY and 29% QoQ on lower swine prices.While margins should recover in 1Q– 2Q26E as prices rebound, BTG’ s swine operations are limited to Thailand, offering less upside than CPF and TFG, which benefit from Vietnam (and China for CPF).We switch to Underperform (from Neutral) . Despite 2026–28E profit growth of 8% CAGR (vs. a sector average of 6% ) , with 2026E profit expected to fall 33% YoY to a low base before recovering in 2027–28E, the stock has 19% downside to the 12M forward FV of Bt15. 10 ( based on a required return of 14.8%; previously Bt17.70 / 12.6%). With very limited tactical upside, BTG offers limited appeal in the near term.

BETAGRO Plc. (BTG): 4Q25E Profit Down YoY/QoQ; Better Swine Prices in 1Q26E

Betagro

BETAGRO Plc. (BTG): 4Q25E Profit Down YoY/QoQ; Better Swine Prices in 1Q26E