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>TU reported a 2Q23 net profit at Bt1.0bn (-37% YoY, +1% QoQ). The earnings fell YoY because of a decline in sales as well as a dilution effect after ITC was listed to the SET.</li><li>The 2Q23 earnings beat our forecast by 25% as the GPM of 16.9% was better than our estimate of 16.2%.</li><li>Operating expenses to sales marked at 11.7%, lower than the expectation of 12.6% (approximately Bt400mn), and credit tax expenses exceeded our expectation (by around Bt100mn).</li></ul>

TU reported a 2Q23 net profit at Bt1.0bn (-37% YoY, +1% QoQ). The earnings fell YoY because of a decline in sales as well as a dilution effect after ITC was listed to the SET.The 2Q23 earnings beat our forecast by 25% as the GPM of 16.9% was better than our estimate of 16.2%.Operating expenses to sales marked at 11.7%, lower than the expectation of 12.6% (approximately Bt400mn), and credit tax expenses exceeded our expectation (by around Bt100mn).

Earnings Review - Thai Union Group Plc. (TU) - AUGUST 8, 2023