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>The 1Q24 core profit came out in line with the projection. We maintain our view calling for 2024E core profit growth of 30 following the absence of the realization of a loss contribution from Red Lobster (RL).</li><li>The long-term growth is expected to remain intact, with three-year earnings forecast to show a 15% CAGR. The tactical view is neutral.</li><li>Hence, we maintain an Outperform rating, with a 12M FV of Bt15.88 (based on the earnings yield, with a required return of 8.8%).</li></ul>

The 1Q24 core profit came out in line with the projection. We maintain our view calling for 2024E core profit growth of 30 following the absence of the realization of a loss contribution from Red Lobster (RL).The long-term growth is expected to remain intact, with three-year earnings forecast to show a 15% CAGR. The tactical view is neutral.Hence, we maintain an Outperform rating, with a 12M FV of Bt15.88 (based on the earnings yield, with a required return of 8.8%).

Thai Union Group -1Q24 Core Profit at Bt921mn, Growing 16% YoY and 28% QoQ