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>Momentum in 2Q25E: Core profit is expected to grow YoY and QoQ due to strong margins (as swine and broiler prices in Thailand and Vietnam have risen, while raw material costs have declined).</li><li>Swine sales volume is increasing, the broiler export business to Europe is performing well (as Brazil has reported avian flu in commercial farms) , and retail store expansion continues with strong SSSG.</li><li>This, combined with a better-than-expected margin in 1Q25, prompts us to raise our 2025E profit forecast by 19% and slightly revise up the 2026- 27E estimates.</li></ul>

Momentum in 2Q25E: Core profit is expected to grow YoY and QoQ due to strong margins (as swine and broiler prices in Thailand and Vietnam have risen, while raw material costs have declined).Swine sales volume is increasing, the broiler export business to Europe is performing well (as Brazil has reported avian flu in commercial farms) , and retail store expansion continues with strong SSSG.This, combined with a better-than-expected margin in 1Q25, prompts us to raise our 2025E profit forecast by 19% and slightly revise up the 2026- 27E estimates.

Thaifoods Group - 2025E Profit Forecast Revised up 19%