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 2Q24E profit momentum is strong due to sustained high broiler prices.</li><li>Export volume growth will support profit margins, and profit sharing from affiliates shows good prospects.</li><li>Therefore, we have raised our 2024-26E core profit estimates by 24%, 15% and 14%, respectively, implying three-year earnings growth (2023-26E) at a 10% CAGR. </li></ul>

The 2Q24E profit momentum is strong due to sustained high broiler prices.Export volume growth will support profit margins, and profit sharing from affiliates shows good prospects.Therefore, we have raised our 2024-26E core profit estimates by 24%, 15% and 14%, respectively, implying three-year earnings growth (2023-26E) at a 10% CAGR. 

Gfpt - Expect 2Q24E Earnings Growth of 62% YoY and 23% QoQ