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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<div><div><div><ul><li>KTX switched our rating to Neutral. Our valuation metrics suggest that the share price is fully valued, but the long-term view on growth is positive.</li><li>The new fair value is Bt4.02, based on the earnings yield and a required return of 7.1%. The tactical view shows limited downside risk after the share price fall of 25% YTD.</li><li>However, the 3Q23E earnings may be lower than expected if swine prices fall further, posing downside risk to the share price. </li></ul></div></div></div>

KTX switched our rating to Neutral. Our valuation metrics suggest that the share price is fully valued, but the long-term view on growth is positive.The new fair value is Bt4.02, based on the earnings yield and a required return of 7.1%. The tactical view shows limited downside risk after the share price fall of 25% YTD.However, the 3Q23E earnings may be lower than expected if swine prices fall further, posing downside risk to the share price. 

COMPANY UPDATE - Thaifoods Group - July 27, 2023