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

<p>CPF’s 2Q21 core profit came in below the forecast due to a higher-than- expected effective tax rate and a lower-than-expected profit contribution from affiliates. Hence, we have revised down our 2021-22E core profit projections by 22% and 13%, respectively, leading to a new target price of Bt39/share (15x PER). The 3Q is the peak export season, and the firm’s earnings are expected to recover QoQ in line with meat prices. CPF’s current share price implies a PER of 8.8x for 2021E. We reaffirm our Buy call.</p>

CPF’s 2Q21 core profit came in below the forecast due to a higher-than- expected effective tax rate and a lower-than-expected profit contribution from affiliates. Hence, we have revised down our 2021-22E core profit projections by 22% and 13%, respectively, leading to a new target price of Bt39/share (15x PER). The 3Q is the peak export season, and the firm’s earnings are expected to recover QoQ in line with meat prices. CPF’s current share price implies a PER of 8.8x for 2021E. We reaffirm our Buy call.

Company Update Charoen Pokphand Foods Plc. (CPF)

CP FOODS

Company Update Charoen Pokphand Foods Plc. (CPF)