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 maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.</li><li>The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.</li><li>The view on the valuation in terms of the fundamentals is neutral. Finally, the tactical upside risk is limited, as the stock price has risen, and the 2Q24E earnings are expected to show growth.</li></ul>

KTX maintains a Neutral rating, with a fair value of Bt3.85, based on the earnings yield and a required rate of return of 8.8%, reflecting the target PER at 11.3x.The valuation metrics suggest a strong view on the long-term outlook, which is expected to turn around and grow at a 21% CAGR in the next three years.The view on the valuation in terms of the fundamentals is neutral. Finally, the tactical upside risk is limited, as the stock price has risen, and the 2Q24E earnings are expected to show growth.

Thaifoods Group - Expect 2Q24E Earnings Growth; 2024-26E Core Profit Forecasts Revised Up