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>4Q25 profit missed our estimate due to higher-than-expected operating expenses and tax payments.</li><li>Thai and Chinese swine prices have resumed declines, while only Vietnam saw a strong QoQ rebound.</li><li>We downgrade to Neutral (from Outperform). Tactical upside risk is now very limited (from limited upside previously).</li></ul>

4Q25 profit missed our estimate due to higher-than-expected operating expenses and tax payments.Thai and Chinese swine prices have resumed declines, while only Vietnam saw a strong QoQ rebound.We downgrade to Neutral (from Outperform). Tactical upside risk is now very limited (from limited upside previously).

CHAROEN POKPHAND FOODS Plc. (CPF): 4Q25 Earnings Down; Swine Prices A 1Q26E Concern