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 2Q24 earnings were strong both YoY and QoQ, with momentum expected to continue growing into 3Q24E, driven by recovering swine prices, particularly in Thailand and China, while prices in Vietnam should remain elevated.</li><li>However, the valuation metrics indicate that the stock is overvalued relative to its fundamentals, as the share price has already risen in response to the earnings recovery.</li><li>The tactical upside is thus very limited (compared to our previous neutral stance), but the long-term growth prospects remain robust. </li></ul>

The 2Q24 earnings were strong both YoY and QoQ, with momentum expected to continue growing into 3Q24E, driven by recovering swine prices, particularly in Thailand and China, while prices in Vietnam should remain elevated.However, the valuation metrics indicate that the stock is overvalued relative to its fundamentals, as the share price has already risen in response to the earnings recovery.The tactical upside is thus very limited (compared to our previous neutral stance), but the long-term growth prospects remain robust. 

Charoen Pokphand Foods - Strong 2Q24 Core Profit Growth of 14.6-Fold QoQ and a Turnaround YoY

CP FOODS

Charoen Pokphand Foods - Strong 2Q24 Core Profit Growth of 14.6-Fold QoQ and a Turnaround YoY