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><p><strong>2Q21 core profit down YoY, QoQ; 2021E earnings revised down</strong><br>TFG’s 2Q21 core profit fell YoY and QoQ due to a narrower margin and an increase in the effective tax rate, leading us to revise down our 2021E core profit projection by 21%. Following the revision, we have a new target price of Bt4.90/share (14x PER). The 3Q21E earnings are expected to recover QoQ (but drop YoY due to the high base). There may also be upside from the possible recovery in swine prices following the potential upswing in economic activities after the COVID-19 situation improves. As the current share price implies upside of 10%, we maintain our Buy call.</p></div></div><div><div><p></p></div></div><div></div></div>

2Q21 core profit down YoY, QoQ; 2021E earnings revised down TFG’s 2Q21 core profit fell YoY and QoQ due to a narrower margin and an increase in the effective tax rate, leading us to revise down our 2021E core profit projection by 21%. Following the revision, we have a new target price of Bt4.90/share (14x PER). The 3Q21E earnings are expected to recover QoQ (but drop YoY due to the high base). There may also be upside from the possible recovery in swine prices following the potential upswing in economic activities after the COVID-19 situation improves. As the current share price implies upside of 10%, we maintain our Buy call.

Company Update Thaifoods Group Plc. (TFG)