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)

<ul><li>TFG reported a 2Q23 net profit of Bt69mn, 25% better than expected.</li><li>Excluding the extra loss of Bt160mn (FX loss of Bt15mn, a loss from the change of financial asset valuation of Bt87mn, an impairment loss under accounting standards of Bt28mn, and a loss from the change in the fair value of biological assets of Bt30mn), the firm reported a core profit of Bt229mn (-85% YoY, -55% QoQ), 22% better than our projection of Bt155mn.</li><li>The upbeat earnings were thanks to tax credit income of Bt18mn, which was better than our projection by around Bt70mn — we expected tax expenses of Bt52mn.</li></ul>

TFG reported a 2Q23 net profit of Bt69mn, 25% better than expected.Excluding the extra loss of Bt160mn (FX loss of Bt15mn, a loss from the change of financial asset valuation of Bt87mn, an impairment loss under accounting standards of Bt28mn, and a loss from the change in the fair value of biological assets of Bt30mn), the firm reported a core profit of Bt229mn (-85% YoY, -55% QoQ), 22% better than our projection of Bt155mn.The upbeat earnings were thanks to tax credit income of Bt18mn, which was better than our projection by around Bt70mn — we expected tax expenses of Bt52mn.

Earnings Review - Thaifoods Group Plc. (TFG)