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

<ul><li>The firm reported losses in 4Q23 and 2023, but the 2024E earnings are forecast to turn around to profit.</li><li>The GPM is expected to improve clearly in 2H24E. However, the recovery outlook in 1H24E is still at risk, as swine prices may remain stable or weaken.</li><li>KTX maintains a Neutral rating (FV = Bt22.76, based on the earnings yield and a required rate of return of 3.6%).</li></ul>

The firm reported losses in 4Q23 and 2023, but the 2024E earnings are forecast to turn around to profit.The GPM is expected to improve clearly in 2H24E. However, the recovery outlook in 1H24E is still at risk, as swine prices may remain stable or weaken.KTX maintains a Neutral rating (FV = Bt22.76, based on the earnings yield and a required rate of return of 3.6%).

Betagro

Betagro -In- Line 4Q23 and 2023 Earnings