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>The better-than-expected 2Q24 earnings have led us to revise our 2024E core profit forecast upward by approximately 30% .</li><li>This revision implies a 10% increase in our current 12M fair value estimate from Bt4.00 to Bt4.40 (based on the earnings yield and a required return of 8.5%, reflecting a target PER of 11.7x). So we maintained “Outperform” rating for TFG.</li><li>TFG reported a 2Q24 net profit of Bt855mn. Excluding extraordinary losses of Bt242mn, core profit amounted to Bt1.1bn, surpassing expectations (vs. the expected core profit of Bt699mn) owing to a higher-than-expected gross profit of Bt200mn.</li></ul>

The better-than-expected 2Q24 earnings have led us to revise our 2024E core profit forecast upward by approximately 30% .This revision implies a 10% increase in our current 12M fair value estimate from Bt4.00 to Bt4.40 (based on the earnings yield and a required return of 8.5%, reflecting a target PER of 11.7x). So we maintained “Outperform” rating for TFG.TFG reported a 2Q24 net profit of Bt855mn. Excluding extraordinary losses of Bt242mn, core profit amounted to Bt1.1bn, surpassing expectations (vs. the expected core profit of Bt699mn) owing to a higher-than-expected gross profit of Bt200mn.

Thaifoods Group - Upbeat 2Q24 Growth of 3.8x YoY and 11x QoQ