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>We take a neutral view on 4Q25E core profit at Bt1.49bn (+21% YoY, -14% QoQ), supported by stable-to-higher sales and GPM at 18% (up YoY, down QoQ; in line), the strongest in the sector, driven by retail channels. An expected Bt0.10 dividend for 4Q25E implies a 2% yield.</li><li>1Q26E GPM should recover QoQ on rebounding swine prices in Thailand and Vietnam, low raw material costs, and continued expansion of high-margin retail channels.</li><li>We downgrade to Neutral as the stock is fully valued vs our 12M FV of Bt4.68 (earnings yield method; required return 23.7%). Two-year earnings growth of 6.5% CAGR is in line with peers, with attractiveness ranking third after BTG and CPF due to a higher ERP.</li></ul>

We take a neutral view on 4Q25E core profit at Bt1.49bn (+21% YoY, -14% QoQ), supported by stable-to-higher sales and GPM at 18% (up YoY, down QoQ; in line), the strongest in the sector, driven by retail channels. An expected Bt0.10 dividend for 4Q25E implies a 2% yield.1Q26E GPM should recover QoQ on rebounding swine prices in Thailand and Vietnam, low raw material costs, and continued expansion of high-margin retail channels.We downgrade to Neutral as the stock is fully valued vs our 12M FV of Bt4.68 (earnings yield method; required return 23.7%). Two-year earnings growth of 6.5% CAGR is in line with peers, with attractiveness ranking third after BTG and CPF due to a higher ERP.

THAIFOODS GROUP Plc. (TFG): Strong 4Q25E GPM, Driven By Retail Channels

Thaifoods Group

THAIFOODS GROUP Plc. (TFG): Strong 4Q25E GPM, Driven By Retail Channels