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>KTX initiates our coverage on CPF with a Neutral rating (2024E fair value of Bt21.37/share based on the earnings yield and a required rate of return of 3.5%).</li><li>Our valuation metrics suggest that the decline in the share price has already factored in the challenging 1H23E and 2023E outlooks.</li><li>Therefore, the tactical downside risk is limited, while the short-term and long-term views are neutral.</li></ul></div></div></div>

KTX initiates our coverage on CPF with a Neutral rating (2024E fair value of Bt21.37/share based on the earnings yield and a required rate of return of 3.5%).Our valuation metrics suggest that the decline in the share price has already factored in the challenging 1H23E and 2023E outlooks.Therefore, the tactical downside risk is limited, while the short-term and long-term views are neutral.

Charoen Pokphand Foods (CPF TB) - 2H23E Earnings to Recover HoH; 2024E Core Profit to Grow 4.3x

CP FOODS

Charoen Pokphand Foods (CPF TB) - 2H23E Earnings to Recover HoH; 2024E Core Profit to Grow 4.3x