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

Thai Foods Group Public Company Limited / Equity Bottom-Up

<ul><li>KTX upgrades its rating to Outperform (from Neutral). The valuation metrics suggest that the current share price is below its fundamental value, and the tactical view has improved to neutral from limited upside previously.</li><li>We maintain our view that long- term earnings will turn around this year, with an expected earnings growth achieving a 21% CAGR over the next three years.</li><li>We estimate the 12M FV at Bt4.00, based on the earnings yield and a required rate of return of 8.5%, reflecting a target PER of 11.7x (compared to the FV of Bt3.85 previously, based on a required return of 8.8%).</li></ul>

KTX upgrades its rating to Outperform (from Neutral). The valuation metrics suggest that the current share price is below its fundamental value, and the tactical view has improved to neutral from limited upside previously.We maintain our view that long- term earnings will turn around this year, with an expected earnings growth achieving a 21% CAGR over the next three years.We estimate the 12M FV at Bt4.00, based on the earnings yield and a required rate of return of 8.5%, reflecting a target PER of 11.7x (compared to the FV of Bt3.85 previously, based on a required return of 8.8%).

Thaifoods Group - 2Q24E Core Profit to Grow 205% YoY and 661% QoQ

<ul><li>KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.</li><li>The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.</li><li>The view on the valuation in terms of the fundamentals is neutral.</li></ul>

KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.The view on the valuation in terms of the fundamentals is neutral.

Thaifoods Group - Expect 2Q24E Earnings Growth; 2024-26E Core Profit Forecasts Revised Update

<ul><li>KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.</li><li>The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.</li><li>The view on the valuation in terms of the fundamentals is neutral. Finally, the tactical upside risk is limited, as the stock price has risen, and the 2Q24E earnings are expected to show growth.</li></ul>

KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.The view on the valuation in terms of the fundamentals is neutral. Finally, the tactical upside risk is limited, as the stock price has risen, and the 2Q24E earnings are expected to show growth.

Thaifoods Group - Expect 2Q24E Earnings Growth; 2024-26E Core Profit Forecasts Revised Up

<ul><li>KTX maintains our Neutral rating, with a fair value of Bt3.61, based on the earnings yield and a required rate of return of 7.6%.</li><li>While our valuation metrics suggest that the share price is higher than the current fundamental value, the long-term view remains strong, with an expected earnings turnaround this year.</li><li>Moreover, the tactical view is neutral.</li></ul>

KTX maintains our Neutral rating, with a fair value of Bt3.61, based on the earnings yield and a required rate of return of 7.6%.While our valuation metrics suggest that the share price is higher than the current fundamental value, the long-term view remains strong, with an expected earnings turnaround this year.Moreover, the tactical view is neutral.

Thaifoods Group - Upbeat 1Q24 Earnings Turnaround

<ul><li>KTX maintains a Neutral rating, with a fair value of Bt3.61, based on the earnings yield and a required rate of return of 7.6%.</li><li>Although the valuation metrics suggest that the share price is fully valued, the long-term earnings prospects are strong, with an expected earnings turnaround.</li><li>Meanwhile, the tactical downside risk is limited.</li></ul>

KTX maintains a Neutral rating, with a fair value of Bt3.61, based on the earnings yield and a required rate of return of 7.6%.Although the valuation metrics suggest that the share price is fully valued, the long-term earnings prospects are strong, with an expected earnings turnaround.Meanwhile, the tactical downside risk is limited.

Thaifoods Group -Expect Earnings Turnaround in 1Q24E from Loss in 4Q23

Thailand

Thaifoods Group Public Company Limited is the manufacturer and processor of poultry and swine products. The Company's business involves hatcheries, contract farming, raw chicken meat processing for export, and domestic distribution. Thaifoods Group operates in Southeast Asia.

Thai Foods Group Public Company Limited (TFG TB)

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Thai Foods Group Public Company Limited (TFG TB)

Thaifoods Group - 2Q24E Core Profit to Grow 205% YoY and 661% QoQ

The valuation metrics suggest that the current share price is below its fundamental value, and the tactical view has improved to neutral from...

Krungthai XSpring

Thaifoods Group - Expect 2Q24E Earnings Growth; 2024-26E Core Profit Forecasts Revised Update

KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the...

Krungthai XSpring

Thaifoods Group - Expect 2Q24E Earnings Growth; 2024-26E Core Profit Forecasts Revised Up

KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the...

Krungthai XSpring

Thaifoods Group - Upbeat 1Q24 Earnings Turnaround

KTX maintains our Neutral rating, with a fair value of Bt3.61, based on the earnings yield and a required rate of return of 7.6%.

Krungthai XSpring

Thaifoods Group -Expect Earnings Turnaround in 1Q24E from Loss in 4Q23

Although the valuation metrics suggest that the share price is fully valued, the long-term earnings prospects are strong, with an expected earnings...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)