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>3Q25 profit beat forecast on an 18.8% GPM (80bps above forecast).</li><li>We maintain our 2025 forecast, with 4Q25 profit likely to soften QoQ as swine prices in Thailand and Vietnam decline.</li><li>Valuation metrics maintain Outperform on fundamentals, although LT growth is below average with 2Y core profit expected to decline 7% CAGR from a high 2025E base.</li></ul>

3Q25 profit beat forecast on an 18.8% GPM (80bps above forecast).We maintain our 2025 forecast, with 4Q25 profit likely to soften QoQ as swine prices in Thailand and Vietnam decline.Valuation metrics maintain Outperform on fundamentals, although LT growth is below average with 2Y core profit expected to decline 7% CAGR from a high 2025E base.

THAIFOODS GROUP Plc. (TFG): GPM at 18.8%, 80bps Above Forecast