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.

Equity Bottom-Up

<ul><li>We downgrade our recommendation to Neutral, from Buy, with a new 2025E fair value of Bt13.68, based on a required rate of return at 3.46%, implying 28.9x PER (from Bt8.69, based on a required rate of rate at 5.41%, implying 18.5x PER, previously).</li><li>Our re-rating is based on a change in our valuation method, shifting from a peers’ trading average comparison to the price/earnings-to-growth (PEG) ratio.</li><li>We have valued OKJ at a PEG of 1.1x, reflecting expected EPS growth of 26.3% from 2024- 26E, which equates to a 28.9x PER. </li></ul>

We downgrade our recommendation to Neutral, from Buy, with a new 2025E fair value of Bt13.68, based on a required rate of return at 3.46%, implying 28.9x PER (from Bt8.69, based on a required rate of rate at 5.41%, implying 18.5x PER, previously).Our re-rating is based on a change in our valuation method, shifting from a peers’ trading average comparison to the price/earnings-to-growth (PEG) ratio.We have valued OKJ at a PEG of 1.1x, reflecting expected EPS growth of 26.3% from 2024- 26E, which equates to a 28.9x PER. 

Pluk Phak Praw Rak Mae - 3Q24 Earnings Grew 101% YoY on SSSG

Thailand

Pluk Phak Praw Rak Mae Public Company Limited operates as an agriculture company. The Company cultivates and markets vegies such as green and red oak, frillice iceberg, butterhead, coral, batavia, spinach, and sprouts. Pluk Phak Praw Rak Mae serves customers in Thailand.

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Ohhaju (OKJ TB)

Pluk Phak Praw Rak Mae - 3Q24 Earnings Grew 101% YoY on SSSG

We downgrade our recommendation to Neutral, from Buy, with a new 2025E fair value of Bt13.68, based on a required rate of return at 3.46%, implying...

Krungthai XSpring

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