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>1Q26E NP is expected to drop 47% YoY and 2% QoQ, driven by a 6%YoY and 5%QoQ decline in sales due to seasonality, while GPM should decline YoY and remain flat QoQ.</li><li>In 2Q26E, meat prices are expected to rise on tighter supply during the summer, alongside higher raw material costs. Rising oil prices are also likely to increase transportation and packaging costs (~6% of sales).</li><li>We maintain Underperform rating. While 2026–28E earnings are projected to grow at an 8% CAGR (vs. peers at 6%), 2026E profit is expected to drop 35% YoY, creating a low base before recovery in 2027–28E. The stock still has ~23% downside to our fair value of Bt17.80 (based on an 11.5% required return), with a Neutral tactical outlook.</li></ul>

1Q26E NP is expected to drop 47% YoY and 2% QoQ, driven by a 6%YoY and 5%QoQ decline in sales due to seasonality, while GPM should decline YoY and remain flat QoQ.In 2Q26E, meat prices are expected to rise on tighter supply during the summer, alongside higher raw material costs. Rising oil prices are also likely to increase transportation and packaging costs (~6% of sales).We maintain Underperform rating. While 2026–28E earnings are projected to grow at an 8% CAGR (vs. peers at 6%), 2026E profit is expected to drop 35% YoY, creating a low base before recovery in 2027–28E. The stock still has ~23% downside to our fair value of Bt17.80 (based on an 11.5% required return), with a Neutral tactical outlook.

ベタグロ社（BTG）：売上高と粗利益率の低下により、2026年第1四半期の利益は前年同期比で減少する見込み

Betagro

ベタグロ社（BTG）：売上高と粗利益率の低下により、2026年第1四半期の利益は前年同期比で減少する見込み