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

CPF Global Food Solution / Equity Bottom-Up

<ul><li>2Q26 core profit declined both YoY and QoQ due to lower meat prices in Thailand, Vietnam, and China, coupled with higher raw material costs, which pressured GPM.</li><li>Looking into 2H26, raw material costs are expected to rise, while Thai swine and broiler prices should recover on tighter supply despite weak purchasing power.</li><li>We maintain our Neutral rating.</li></ul>

2Q26 core profit declined both YoY and QoQ due to lower meat prices in Thailand, Vietnam, and China, coupled with higher raw material costs, which pressured GPM.Looking into 2H26, raw material costs are expected to rise, while Thai swine and broiler prices should recover on tighter supply despite weak purchasing power.We maintain our Neutral rating.

CHAROEN POKPHAND FOODS Plc. (CPF): 2Q26 Profit Down YoY and QoQ; 2H26E Costs Rise, Prices Recover - Neutral (12M FWD Fair Value Bt21.30)