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

<ul><li>TVO reported a 4Q25 net profit of Bt522mn (-35% YoY, +7% QoQ), about 7% above Bloomberg consensus.</li><li>4Q25 revenue totaled Bt7.9bn (-1% YoY, +23% QoQ).</li><li>We expect 1Q26E and 2026E earnings to soften, as recovering soybean prices may pressure margins.</li></ul>

TVO reported a 4Q25 net profit of Bt522mn (-35% YoY, +7% QoQ), about 7% above Bloomberg consensus.4Q25 revenue totaled Bt7.9bn (-1% YoY, +23% QoQ).We expect 1Q26E and 2026E earnings to soften, as recovering soybean prices may pressure margins.

THAI VEGETABLE OIL Plc. (TVO): Strong 4Q25 Earnings, But 1Q26E Outlook May Soften

Thai Vegetable Oil

THAI VEGETABLE OIL Plc. (TVO): Strong 4Q25 Earnings, But 1Q26E Outlook May Soften