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

Charoen Pokphand Foods  / Equity Bottom-Up

<ul><li>We estimate 3Q25E core profit to have fallen 13% YoY and 48% QoQ, pressured by lower swine prices across Thailand, Vietnam, Cambodia, the Philippines, and Russia.</li><li>As for the valuation metrics, we maintain a Neutral view on fundamentals, with long-term growth prospects in line with the sector (core profit expected to post a –6% CAGR over the next two years).</li><li>KTX revises our fair value to Bt22.90 using the earnings yield method, with a required return of 12.24%, based on updated macro assumptions (Rf = 1.04%, MRP = 5.81%), compared with the previous fair value of Bt22.80, which was based on a required return of 13.4%, Rf of 1.45%, and MRP of 5.26%.</li></ul>

We estimate 3Q25E core profit to have fallen 13% YoY and 48% QoQ, pressured by lower swine prices across Thailand, Vietnam, Cambodia, the Philippines, and Russia.As for the valuation metrics, we maintain a Neutral view on fundamentals, with long-term growth prospects in line with the sector (core profit expected to post a –6% CAGR over the next two years).KTX revises our fair value to Bt22.90 using the earnings yield method, with a required return of 12.24%, based on updated macro assumptions (Rf = 1.04%, MRP = 5.81%), compared with the previous fair value of Bt22.80, which was based on a required return of 13.4%, Rf of 1.45%, and MRP of 5.26%.

CHAROEN POKPHAND FOODS Plc: 3Q25E Core Profit Expected To Have Fallen 13%YoY And 48% QoQ