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

<div><div><div><div><ul><li>The slowdown in overseas sales prompted us to revise down our 2023-24E earnings projections by 23% and 19%, respectively, resulting in a new 2023E fair value of Bt32.60, based on a PER of 9x.</li><li>We maintain our Hold rating given THIP’s healthy earningskoi2015, with a firm financial status and a net cash position, alongside an expected dividend yield of 4-5% p.a.</li><li>THIP reported a 4Q22 net profit of Bt36mn, down by 73% YoY and 66% QoQ.</li></ul></div></div></div></div>

The slowdown in overseas sales prompted us to revise down our 2023-24E earnings projections by 23% and 19%, respectively, resulting in a new 2023E fair value of Bt32.60, based on a PER of 9x.We maintain our Hold rating given THIP’s healthy earningskoi2015, with a firm financial status and a net cash position, alongside an expected dividend yield of 4-5% p.a.THIP reported a 4Q22 net profit of Bt36mn, down by 73% YoY and 66% QoQ.

Thantawan Industry (THIP) - Healthy Earnings

<p>THIP’s 2Q21 earnings grew YoY as expected due to higher sales despite a narrower margin. In 3Q21E, earnings are forecast to jump QoQ on the expected increase in sales YoY and QoQ and the likely recovery of the gross profit margin QoQ thanks to lower costs for plastic pellets. The current share price implies potential upside of 13% to our target price of Bt37 (9x PER), and the firm is expected to pay an interim dividend of Bt0.5/share for its 1H21 performance. We maintain a Buy rating thanks to its strong financial position and a dividend yield of 5% p.a.</p>

THIP’s 2Q21 earnings grew YoY as expected due to higher sales despite a narrower margin. In 3Q21E, earnings are forecast to jump QoQ on the expected increase in sales YoY and QoQ and the likely recovery of the gross profit margin QoQ thanks to lower costs for plastic pellets. The current share price implies potential upside of 13% to our target price of Bt37 (9x PER), and the firm is expected to pay an interim dividend of Bt0.5/share for its 1H21 performance. We maintain a Buy rating thanks to its strong financial position and a dividend yield of 5% p.a.

Earnings Review Thantawan Industry Plc. (THIP)

Thailand

Thantawan Industry Public Company Limited manufactures and exports plastic products.  The Company's products are divided into three main lines which are drinking straws, high-density plastic bags, and low-density plastic bags. Examples of its products are zip lock bags for food storage and industrial packaging, shopping bags and garbage bags.

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Thantawan Industry (THIP TB)

Thantawan Industry (THIP) - Healthy Earnings

We maintain our Hold rating given THIP’s healthy earningskoi2015, with a firm financial status and a net cash position, alongside an expected...

Krungthai XSpring

Earnings Review Thantawan Industry Plc. (THIP)

2Q21 earnings in line; defensive dividend play, THIP’s 2Q21 earnings grew YoY as expected due to higher sales despite a narrower margin.

Krungthai XSpring

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