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>2Q25 core profit grew 97% YoY and 28% QoQ, supported by higher margins YoY and QoQ from rising swine and broiler prices in Thailand, Vietnam, Cambodia, the Philippines, India, and Russia, along with lower raw material costs.</li><li>Valuation metrics: We upgrade our current fundamental view to undervalued (from neutral), as the share price implies 10% upside to the new fair value, while maintaining our tactical view of very limited downside.</li><li>Our fair value is revised to Bt26.50 using the earnings yield method, based on a required return of 12% and the new macro assumptions of Rf = 1.45% and MRP = 5.26%.</li></ul>

2Q25 core profit grew 97% YoY and 28% QoQ, supported by higher margins YoY and QoQ from rising swine and broiler prices in Thailand, Vietnam, Cambodia, the Philippines, India, and Russia, along with lower raw material costs.Valuation metrics: We upgrade our current fundamental view to undervalued (from neutral), as the share price implies 10% upside to the new fair value, while maintaining our tactical view of very limited downside.Our fair value is revised to Bt26.50 using the earnings yield method, based on a required return of 12% and the new macro assumptions of Rf = 1.45% and MRP = 5.26%.

CHAROEN POKPHAND FOODS Plc. (CPF): 2Q25 Earnings Grew 97% YoY And 28% QoQ