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

Srinanaporn Marketing Public Company Limited / Equity Bottom-Up

Srinanaporn Marketing Public Company Limited

<ul><li>The valuation metrics indicate an attractive buying opportunity based on the current fundamentals and suggest limited downside risk from a technical perspective.</li><li>With the stock price having declined, there is potential upside of around 22.5% from the fair value, alongside the typical 4Q trend of a QoQ profit recovery, making Q4 the best quarter of the year.</li><li>The long-term growth outlook remains strong, with profit growth projected at a CAGR of 11% over the next two years. </li></ul>

The valuation metrics indicate an attractive buying opportunity based on the current fundamentals and suggest limited downside risk from a technical perspective.With the stock price having declined, there is potential upside of around 22.5% from the fair value, alongside the typical 4Q trend of a QoQ profit recovery, making Q4 the best quarter of the year.The long-term growth outlook remains strong, with profit growth projected at a CAGR of 11% over the next two years. 

Srinanaporn Marketing - Flat 3Q24 Earnings with Higher GPM but Lower International Sales

<ul><li>We have revised down our earnings estimates for 2024-26E by an average of 8% per year, following a reduction in the sales forecasts by 10% per year.</li><li>This adjustment reflects the lower- than-expected foreign sales, particularly in the Vietnamese market.</li><li>As a result, the revised forecasts call for sales and profit growth at a 6% and 9% CAGR, respectively, over the next three years.</li></ul>

We have revised down our earnings estimates for 2024-26E by an average of 8% per year, following a reduction in the sales forecasts by 10% per year.This adjustment reflects the lower- than-expected foreign sales, particularly in the Vietnamese market.As a result, the revised forecasts call for sales and profit growth at a 6% and 9% CAGR, respectively, over the next three years.

Srinanaporn Marketing - 3Q24E Growth of 5% YoY

<ul><li>We maintain a neutral view on SNNP's 2Q24E earnings forecast, with some concerns about the year's earnings outlook if sales fall short of expectations, which could result in 10% downside risk to our 2024E forecast.</li><li>However, the recent decline in the share price has already factored in the sales outlook. Our valuation metrics suggest very limited tactical downside risk.</li><li>The fundamental aspect has been upgraded to a buy due to strong long-term earnings prospects. </li></ul>

We maintain a neutral view on SNNP's 2Q24E earnings forecast, with some concerns about the year's earnings outlook if sales fall short of expectations, which could result in 10% downside risk to our 2024E forecast.However, the recent decline in the share price has already factored in the sales outlook. Our valuation metrics suggest very limited tactical downside risk.The fundamental aspect has been upgraded to a buy due to strong long-term earnings prospects. 

Srinanaporn Marketing - 2Q24E Earnings Expected to Increase 4% YoY and QoQ

<ul><li>The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year.</li><li>Therefore, we maintain our projection and our Outperform rating, with a fair value of Bt21.35.</li><li>Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects.</li></ul>

The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year.Therefore, we maintain our projection and our Outperform rating, with a fair value of Bt21.35.Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects.

Srinanaporn Marketing - 1Q24 Earnings Grew 2% YoY but Decreased 4% QoQ, as Expected

<ul><li>We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year.</li><li>Therefore, we maintain our Outperform rating, with a fair value of Bt21.35.</li><li>Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects. </li></ul>

We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year.Therefore, we maintain our Outperform rating, with a fair value of Bt21.35.Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects. 

Srinanaporn Marketing -1Q24E Earnings Expected to Grow 2% YoY but Decrease 4% QoQ

Thailand

Srinanaporn Marketing Public Company Limited operates as a food manufacturing company. The Company offers snack such as jelly, fruit juice, fish, squid, herb drinks. Srinanaporn Marketing serves customers worldwide.

Srinanaporn Marketing Public Company Limited (SNNP TB)

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Srinanaporn Marketing Public Company Limited (SNNP TB)

Srinanaporn Marketing - Flat 3Q24 Earnings with Higher GPM but Lower International Sales

We maintain a Buy call, with a fair value estimate of Bt15.19, using the earnings yield method based on a required return of 5%.

Krungthai XSpring

Srinanaporn Marketing - 3Q24E Growth of 5% YoY

We have revised down our earnings estimates for 2024-26E by an average of 8% per year, following a reduction in the sales forecasts by 10% per year.

Krungthai XSpring

Srinanaporn Marketing - 2Q24E Earnings Expected to Increase 4% YoY and QoQ

We maintain a neutral view on SNNP's 2Q24E earnings forecast, with some concerns about the year's earnings outlook if sales fall short of expectations

Krungthai XSpring

Srinanaporn Marketing - 1Q24 Earnings Grew 2% YoY but Decreased 4% QoQ, as Expected

The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year. Therefore, we maintain our projection and our...

Krungthai XSpring

Srinanaporn Marketing -1Q24E Earnings Expected to Grow 2% YoY but Decrease 4% QoQ

We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year. Therefore, we maintain our...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)