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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<div><div><div><ul><li>Negative view from the analyst meeting: TU revised down its 2023E sales and GPM targets as well as the Capex plan.</li><li>While we expect HoH earnings improvement in 2H23E due to seasonality (but a YoY decline due to the high base of Bt2.5bn in profit in 3Q22 and Bt1.2bn in 4Q22), the likelihood of sustained high tuna prices and lower demand (with a gradual improvement in only some markets) will impede the firm’s profitability.</li><li>Although the current share price implies limited downside risk, we do not see any potential upside. </li></ul></div></div></div>

Negative view from the analyst meeting: TU revised down its 2023E sales and GPM targets as well as the Capex plan.While we expect HoH earnings improvement in 2H23E due to seasonality (but a YoY decline due to the high base of Bt2.5bn in profit in 3Q22 and Bt1.2bn in 4Q22), the likelihood of sustained high tuna prices and lower demand (with a gradual improvement in only some markets) will impede the firm’s profitability.Although the current share price implies limited downside risk, we do not see any potential upside. 

Analyst Briefing - Thai Union Group Plc. (TU) - August 9, 2023