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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<ul><li>1Q25 profit skyrocketed 22-fold YoY and 72% QoQ, beating expectations on the back of a higher-than-expected gross profit margin (GPM).</li><li>The 2Q25E outlook remains favorable, supported by rising and sustained high swine prices in Thailand and Vietnam through the end of 2Q25. Our 2025E profit forecast of Bt5.6bn is tilting toward potential upside, given the better-than-expected 1Q25 margin.</li><li>An interim cash dividend of Bt0.075 per share was announced for 1Q25, with the XD date on May 27 and the payment date on June 11, 2025, implying an annualized dividend yield of 5.7%.</li></ul>

1Q25 profit skyrocketed 22-fold YoY and 72% QoQ, beating expectations on the back of a higher-than-expected gross profit margin (GPM).The 2Q25E outlook remains favorable, supported by rising and sustained high swine prices in Thailand and Vietnam through the end of 2Q25. Our 2025E profit forecast of Bt5.6bn is tilting toward potential upside, given the better-than-expected 1Q25 margin.An interim cash dividend of Bt0.075 per share was announced for 1Q25, with the XD date on May 27 and the payment date on June 11, 2025, implying an annualized dividend yield of 5.7%.

Thaifoods Group - 1Q25 Core Profit Grew Robustly YoY and QoQ, 17% Better than Expected