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>3Q25 core profit fell 7% YoY and 46% QoQ on weaker swine prices in Thailand, Vietnam, Cambodia, the Philippines, and Russia, softness in China, and lower equity income.</li><li>Valuation metrics upgrade the view to Undervalued (from Neutral), with 7% upside to the Bt22.90 FV (earnings-yield method; 12.24% required return).</li><li>9M25 profit of Bt25.7bn (+105% YoY) is 89% of 2025E forecast. 4Q is a low season for broiler exports and softer swine prices pressuring GPM; we maintain our estimates.</li></ul>

3Q25 core profit fell 7% YoY and 46% QoQ on weaker swine prices in Thailand, Vietnam, Cambodia, the Philippines, and Russia, softness in China, and lower equity income.Valuation metrics upgrade the view to Undervalued (from Neutral), with 7% upside to the Bt22.90 FV (earnings-yield method; 12.24% required return).9M25 profit of Bt25.7bn (+105% YoY) is 89% of 2025E forecast. 4Q is a low season for broiler exports and softer swine prices pressuring GPM; we maintain our estimates.

CHAROEN POKPHAND FOODS Plc. (CPF): 3Q25 Profit Down YoY/QoQ; GPM Beat By 40bps