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>We have revised our fair value estimate to Bt6.30, based on a required return of 16.8%, reflecting our new house view’s assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt5.20, 20.8%, 1.48%, and 6.83%).</li><li>Valuation metrics: We have upgraded our rating to Outperform (from Neutral) following the upward revision of our current fundamental view to buy (from neutral), as the share price implies 24% upside to the new fair value.</li><li>We maintain our view that the long-term growth outlook is in line with the sector average (with 2-year core growth in 2025-27E expected at a CAGR of -5.3% per year from the high base in 2025E), and the tactical view is neutral.</li></ul>

We have revised our fair value estimate to Bt6.30, based on a required return of 16.8%, reflecting our new house view’s assumptions of Rf = 1.45% and MRP = 5.26% (previously Bt5.20, 20.8%, 1.48%, and 6.83%).Valuation metrics: We have upgraded our rating to Outperform (from Neutral) following the upward revision of our current fundamental view to buy (from neutral), as the share price implies 24% upside to the new fair value.We maintain our view that the long-term growth outlook is in line with the sector average (with 2-year core growth in 2025-27E expected at a CAGR of -5.3% per year from the high base in 2025E), and the tactical view is neutral.

Thaifoods Group - Strong YoY and QoQ Performance in 2Q25