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>2Q26 core profit beat our forecast by 9%, driven by better-than-expected GPM and share of profit from affiliates.</li>
<li>The company also declared a 2Q26 DPS of Bt0.225, above our Bt0.12 forecast, implying an annualized dividend yield of 9.4%.</li>
<li>We maintain our Buy rating and Bt15.05 fair value, based on a sum-of-the-parts valuation using the earnings yield method for the integrated meat and retail businesses.</li>
</ul>


2Q26 core profit beat our forecast by 9%, driven by better-than-expected GPM and share of profit from affiliates.
The company also declared a 2Q26 DPS of Bt0.225, above our Bt0.12 forecast, implying an annualized dividend yield of 9.4%.
We maintain our Buy rating and Bt15.05 fair value, based on a sum-of-the-parts valuation using the earnings yield method for the integrated meat and retail businesses.


THAIFOODS GROUP Plc. (TFG): 2Q26 Profit and DPS Beat; Retail Stayed Strong

Thaifoods Group

THAIFOODS GROUP Plc. (TFG): 2Q26 Profit and DPS Beat; Retail Stayed Strong