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>Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.</li><li>Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.</li><li>GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. </li></ul>

Based on our analysis, if trade negotiations with the US proceed as Thailand hopes — enabling the import of corn and soybean meal from the US at lower costs for use as animal feed — and if there are no GMO-related barriers to Thai chicken exports, it is expected to benefit Thai livestock producers through improved margins from lower feed input costs and enhanced long-term competitiveness.Our study indicates that CPF would benefit the most in absolute value, while mid-sized players like BTG and TFG are likely to see the most positive impact on the 2026E profit estimates.GFPT would experience the largest increase in its gross profit margin (GPM) relative to its base case. 

Thai Foods Group Public Company Limited (TFG TB)

Industry Update - Will the Meat Sector Benefit from US Tariffs?