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

Ashoka India Equity Investment / Equity Bottom-Up

<ul><li>AIE reported 2Q22 net profit at Bt46mn (-40% YoY and -61% QoQ), notably lower than our projection.</li><li>Excluding the extra item, the firm reported a core profit of Bt24mn in 2Q22 (-76% YoY, -80% QoQ), pressured by i) lower sales of B100 due to the lower biodiesel blending adjustment from B7/B10 to B5 from February 2022; ii) a narrower GPM on a YoY and QoQ basis to 2.2% in 2Q22 due to the acceleration of CPO prices (CPO prices continued to increase in 2021 to May 2022 due to tight supply, and they subsequently started to move downward in June 2022 after the cancellation of Indonesia banned palm oil exports in late May 2022); and iii) a stock loss of around Bt42mn due to the sharp fall in the CPO price in June 2022.</li><li>We are likely to revise down our 2022E net profit forecast and fair value (from Bt5.22mn currently) to reflect the narrower-than-expected GPM in 1H22, as well as the stock loss in 2Q22 and the further possible stock loss in 2H22E given the CPO price downtrend.</li></ul>

AIE reported 2Q22 net profit at Bt46mn (-40% YoY and -61% QoQ), notably lower than our projection.Excluding the extra item, the firm reported a core profit of Bt24mn in 2Q22 (-76% YoY, -80% QoQ), pressured by i) lower sales of B100 due to the lower biodiesel blending adjustment from B7/B10 to B5 from February 2022; ii) a narrower GPM on a YoY and QoQ basis to 2.2% in 2Q22 due to the acceleration of CPO prices (CPO prices continued to increase in 2021 to May 2022 due to tight supply, and they subsequently started to move downward in June 2022 after the cancellation of Indonesia banned palm oil exports in late May 2022); and iii) a stock loss of around Bt42mn due to the sharp fall in the CPO price in June 2022.We are likely to revise down our 2022E net profit forecast and fair value (from Bt5.22mn currently) to reflect the narrower-than-expected GPM in 1H22, as well as the stock loss in 2Q22 and the further possible stock loss in 2H22E given the CPO price downtrend.

Earnings Reviews (AGE, AI, AIE, ASIAN, AU, DOHOME, DRT)

India

Asian Granito India Limited manufactures a wide range of vitrified tiles.

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Asian Granito India (ASIAN IN)

Earnings Reviews (AGE, AI, AIE, ASIAN, AU, DOHOME, DRT)

AIE reported 2Q22 net profit at Bt46mn (-40% YoY and -61% QoQ), notably lower than our projection. Excluding the extra item, the firm reported a...

Krungthai XSpring

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