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 expect 2Q26E core profit to decline both YoY and QoQ, mainly due to lower livestock prices across Thailand, Vietnam, and China.</li><li>The 2H26 outlook remains challenging.</li><li>We downgrade our rating to <strong>Neutral</strong> (from <strong>Outperform</strong>), as the current share price implies only around 5% downside to our fair value of Bt21.30, based on the earnings yield approach and a required return of 14.5%.</li></ul>

We expect 2Q26E core profit to decline both YoY and QoQ, mainly due to lower livestock prices across Thailand, Vietnam, and China.The 2H26 outlook remains challenging.We downgrade our rating to Neutral (from Outperform), as the current share price implies only around 5% downside to our fair value of Bt21.30, based on the earnings yield approach and a required return of 14.5%.

CHAROEN POKPHAND FOODS Plc. (CPF): 2Q26E Down YoY/QoQ; 2H26E Faces Higher Costs and Weak Demand - Neutral (12M FWD Fair Value Bt21.30)