Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Thematic (Sector/Industry)

<ul><li>The projected outlook for agricultural and food businesses in 2Q24E indicates a notable recovery both YoY and QoQ.</li><li>In particular, major meat operators, including those engaged in the swine business in Vietnam, are anticipated to shift from losses in 2Q23 to profits, with further growth expected from their reported better-than- expected operating results in 1Q24.</li><li>Consequently, we have revised our profit forecasts upward for CPF, TFG and SAPPE. While acknowledging the sector's rebound in operating results, driving up share prices, we maintain a Neutral rating due to stretched valuations, as indicated by the earnings yield method. </li></ul>

The projected outlook for agricultural and food businesses in 2Q24E indicates a notable recovery both YoY and QoQ.In particular, major meat operators, including those engaged in the swine business in Vietnam, are anticipated to shift from losses in 2Q23 to profits, with further growth expected from their reported better-than- expected operating results in 1Q24.Consequently, we have revised our profit forecasts upward for CPF, TFG and SAPPE. While acknowledging the sector's rebound in operating results, driving up share prices, we maintain a Neutral rating due to stretched valuations, as indicated by the earnings yield method. 

Agri & Food: Momentum in 2Q24E Expected to Grow YoY and QoQ

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Five stocks remain, nine stocks added to our portfolio</li>
<li>Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%</li>
</ul>


We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology
Portfolio changes: Five stocks remain, nine stocks added to our portfolio
Since its inception, the portfolio has generated a before-fee total return of 255% versus MSCI ASEAN’s 30%


<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: Six stocks remain, eight new join the fray</li>
<li>Since inception, it has gained 121% versus the SET 100 Index’s return of 20%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: Six stocks remain, eight new join the fray
Since inception, it has gained 121% versus the SET 100 Index’s return of 20%


The Stocks to Own in Thailand – Vol. 45

<ul><li>The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.</li><li>But most large cap stocks were able to rise, while foreign investors turned to buy — this allowed the index to close up with light volume.</li><li>The index has moved sideways in a tight range and will probably have an upward direction toward the resistance at 1,367 points; standing above this level would lead the index to the major resistance at 1,380 points, and surpassing it would allow the index to run up to the 1,400-point area.</li></ul>

The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.But most large cap stocks were able to rise, while foreign investors turned to buy — this allowed the index to close up with light volume.The index has moved sideways in a tight range and will probably have an upward direction toward the resistance at 1,367 points; standing above this level would lead the index to the major resistance at 1,380 points, and surpassing it would allow the index to run up to the 1,400-point area.

<ul><li>The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week, with the market focusing on the 1Q24 earning results and foreign investors playing an important role in steering the market.</li><li>However, the trading atmosphere was sluggish, and volume remained light.</li><li>The index has been trading sideways recently, fluctuating within the range of 1,355-1,368 points in the short term. </li></ul>

The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week, with the market focusing on the 1Q24 earning results and foreign investors playing an important role in steering the market.However, the trading atmosphere was sluggish, and volume remained light.The index has been trading sideways recently, fluctuating within the range of 1,355-1,368 points in the short term. 

Thailand

Charoen Pokphand Foods Public Company Limited produces a wide range of food products. The Company's products include chicken, pork, shrimp, fish, eggs. and duck.

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Charoen Pokphand Foods (CPF-R TB)

Agri & Food: Momentum in 2Q24E Expected to Grow YoY and QoQ

In particular, major meat operators, including those engaged in the swine business in Vietnam, are anticipated to shift from losses in 2Q23 to profits

Krungthai XSpring

The Stocks to Own in ASEAN – Vol. 47

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Five stocks remain, nine stocks added.

A. Stotz Investment Research

The Stocks to Own in Thailand – Vol. 45

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Portfolio changes: Six stocks remain, eight new join...

A. Stotz Investment Research

Technical Analysis - APRIL 30, 2024

The SET was volatile, moving in a narrow range after being pressured by shrinking March export figures and profit taking on DELTA.

Krungthai XSpring

Technical Analysis - April 29, 2024

The SET fell due to profit taking after rebounding for four consecutive days, but it still increased 2.09% from the previous week

Krungthai XSpring

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