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>The momentum in 2Q25E is positive, with core profit expected to grow both YoY and QoQ, supported by strong margins (driven by higher swine and broiler prices in Thailand and Vietnam), lower raw material costs, increased swine sales volume, a solid export performance in the European broiler market, and retail store expansion with strong SSSG.</li><li>An interim dividend of Bt0.085 is expected for 2Q25E, implying an annualized dividend yield of 7%.</li><li>In terms of the valuation metrics, we maintain our view that long-term growth outlook is in line with the sector average, with 2025-27E earnings growth projected at a negative CAGR of -5.3% from a high 2025E base.</li></ul>

The momentum in 2Q25E is positive, with core profit expected to grow both YoY and QoQ, supported by strong margins (driven by higher swine and broiler prices in Thailand and Vietnam), lower raw material costs, increased swine sales volume, a solid export performance in the European broiler market, and retail store expansion with strong SSSG.An interim dividend of Bt0.085 is expected for 2Q25E, implying an annualized dividend yield of 7%.In terms of the valuation metrics, we maintain our view that long-term growth outlook is in line with the sector average, with 2025-27E earnings growth projected at a negative CAGR of -5.3% from a high 2025E base.

Thaifoods Group - 2Q25E Earnings to Have Grown YoY and QoQ