Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

Equity Bottom-Up

Asia Network International  / Equity Bottom-Up

<ul><li>We maintain an Outperform rating. ANI’s valuation is attractive in terms of the fundamentals (20% downside risk cushion, with no effect on the rating), and the tactical view is neutral.</li><li>The earnings prospects look steady thanks to the benefit from a bigger business scale post  acquisition of the general cargo sales agent (GAS) businesses.</li><li>ANI reported a 1Q24 net profit of Bt163mn, down 14% YoY. However, excluding FX impacts and the impairment of financial assets, the core profit decreased 35% YoY and 30% QoQ to Bt144mn, pressured by the normalization of air freight rates.</li></ul>

We maintain an Outperform rating. ANI’s valuation is attractive in terms of the fundamentals (20% downside risk cushion, with no effect on the rating), and the tactical view is neutral.The earnings prospects look steady thanks to the benefit from a bigger business scale post  acquisition of the general cargo sales agent (GAS) businesses.ANI reported a 1Q24 net profit of Bt163mn, down 14% YoY. However, excluding FX impacts and the impairment of financial assets, the core profit decreased 35% YoY and 30% QoQ to Bt144mn, pressured by the normalization of air freight rates.

Asia Network International -1Q24 Earnings Pressured by Freight Rates

<ul><li>We have an Outperform rating for ANI due to its attractive valuation (fair price: Bt7.13) and steady long-term growth, with an expected CAGR of 8.3% for EPS during 2024-2026E.</li><li>Ou tactical view, however, remains neutral.</li><li><p>The 4Q23 net profit of Bt130mn was in line with our projection of Bt131mn, down 45.6% YoY and 33.8% YoY. </p></li></ul>

We have an Outperform rating for ANI due to its attractive valuation (fair price: Bt7.13) and steady long-term growth, with an expected CAGR of 8.3% for EPS during 2024-2026E.Ou tactical view, however, remains neutral.The 4Q23 net profit of Bt130mn was in line with our projection of Bt131mn, down 45.6% YoY and 33.8% YoY. 

Asia Network International - 4Q23 NP in Line; 2024E Profit to Be Boosted by Revenue Recovery

Thailand

Asia Network International Public Company Limited provides logistic services. The Company offers air cargo general sales and services. Asia Network International serves customers worldwide.

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Asia Network International (ANI TB)

Asia Network International -1Q24 Earnings Pressured by Freight Rates

We maintain an Outperform rating. ANI’s valuation is attractive in terms of the fundamentals (20% downside risk cushion, with no effect on the...

Krungthai XSpring

Asia Network International - 4Q23 NP in Line; 2024E Profit to Be Boosted by Revenue Recovery

We have an Outperform rating for ANI due to its attractive valuation (fair price: Bt7.13) and steady long-term growth, with an expected CAGR of...

Krungthai XSpring

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