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>Sales and profit for 3Q24E are expected to decline YoY and QoQ due to weak international sales, a stronger baht, reduced production rates, which put pressure on gross margins, and an expected increase in SG&amp;A to sales.</li><li>The 2024-26E core profit estimates have been revised down by 9- 22%, reflecting lower sales forecasts, reduced profit margins, and higher SG&amp;A to sales.</li><li>The valuation metrics suggest that we maintain an Outperform rating (new FV at Bt88.47, based on a required return of 5%, reflecting a target PER of 20x). </li></ul>

Sales and profit for 3Q24E are expected to decline YoY and QoQ due to weak international sales, a stronger baht, reduced production rates, which put pressure on gross margins, and an expected increase in SG&amp;A to sales.The 2024-26E core profit estimates have been revised down by 9- 22%, reflecting lower sales forecasts, reduced profit margins, and higher SG&amp;A to sales.The valuation metrics suggest that we maintain an Outperform rating (new FV at Bt88.47, based on a required return of 5%, reflecting a target PER of 20x). 

Sappe - Weak 3Q24E Earnings Outlook; 2024-26E Forecasts Revised Down

Sappe Pcl

Sappe - Weak 3Q24E Earnings Outlook; 2024-26E Forecasts Revised Down