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

Thematic (Sector/Industry)

Thailand Consumer staples / Thematic (Sector/Industry)

<ul><li>Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.</li><li>These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.</li><li>Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. </li></ul>

Outlook for 2Q25E: Profit for the meat sector is expected to improve QoQ and increase YoY, especially for companies with swine businesses in Thailand, Vietnam, and the region.These companies are expected to maintain strong profit margins QoQ, supported by rising meat prices YoY and QoQ and lower raw material costs.Given that CPF and TFG’s 1Q25 profits exceeded expectations due to significantly higher-than-expected GPMs, we have revised up our 2025-27E profit forecasts by an average of 11% and 5% per year, respectively. 

Thai Foods Group Public Company Limited (TFG TB)

Industry Update: Agro & Food Industry - MAY 30, 2025