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

Thematic (Sector/Industry)

Thailand Consumer staples / Thematic (Sector/Industry)

<ul><li>We hold a neutral view toward Thai pet food stocks. While the sector has solid fundamentals, the growth trend appears to be diminishing compared to the past.</li><li>We initiate coverage of i-Tail Corporation (ITC) with an Outperform rating and a target price (TP) of Bt23.90, and Asian Alliance International (AAI) with a Neutral rating and a TP of Bt5.50.</li><li>We estimate a 52% YoY increase in the 2024E earnings for ITC and a 113% YoY jump for AAI, driven by a recovery in export markets. </li></ul>

We hold a neutral view toward Thai pet food stocks. While the sector has solid fundamentals, the growth trend appears to be diminishing compared to the past.We initiate coverage of i-Tail Corporation (ITC) with an Outperform rating and a target price (TP) of Bt23.90, and Asian Alliance International (AAI) with a Neutral rating and a TP of Bt5.50.We estimate a 52% YoY increase in the 2024E earnings for ITC and a 113% YoY jump for AAI, driven by a recovery in export markets. 

Industry Update: Pet Food - Solid Fundamentals but Growth Projected to Be Slower (JULY 25, 2024)