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

GFPT Public Company Limited / Equity Bottom-Up

<ul><li>The 1Q24 core profit beat the forecast by 20% due to a better- than-expected profit contribution from affiliates on the back of increased exports of processed chicken.</li><li>We therefore maintain our Neutral rating (FV = Bt12.17, based on a required rate of return of 9.51%).</li><li>The valuation metrics suggest neutral views on the short-term fundamentals and long-term growth prospects. Meanwhile, the tactical upside to the share price is limited.</li></ul>

The 1Q24 core profit beat the forecast by 20% due to a better- than-expected profit contribution from affiliates on the back of increased exports of processed chicken.We therefore maintain our Neutral rating (FV = Bt12.17, based on a required rate of return of 9.51%).The valuation metrics suggest neutral views on the short-term fundamentals and long-term growth prospects. Meanwhile, the tactical upside to the share price is limited.

GFPT -1Q24 Core Profit Grew 86% YoY and 9% QoQ, Better than Expected