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

Thai Foods Group Public Company Limited / Equity Bottom-Up

Thai Foods Group Public Company Limited (TFG TB)

<ul><li>KTX upgrades its rating to Outperform (from Neutral). The valuation metrics suggest that the current share price is below its fundamental value, and the tactical view has improved to neutral from limited upside previously.</li><li>We maintain our view that long- term earnings will turn around this year, with an expected earnings growth achieving a 21% CAGR over the next three years.</li><li>We estimate the 12M FV at Bt4.00, based on the earnings yield and a required rate of return of 8.5%, reflecting a target PER of 11.7x (compared to the FV of Bt3.85 previously, based on a required return of 8.8%).</li></ul>

KTX upgrades its rating to Outperform (from Neutral). The valuation metrics suggest that the current share price is below its fundamental value, and the tactical view has improved to neutral from limited upside previously.We maintain our view that long- term earnings will turn around this year, with an expected earnings growth achieving a 21% CAGR over the next three years.We estimate the 12M FV at Bt4.00, based on the earnings yield and a required rate of return of 8.5%, reflecting a target PER of 11.7x (compared to the FV of Bt3.85 previously, based on a required return of 8.8%).

Thaifoods Group - 2Q24E Core Profit to Grow 205% YoY and 661% QoQ