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

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<li>BTG’s two-year earnings (2022-24E) are expected to mark a -18% CAGR, vs. a +9% CAGR expected previously, owing to the sharp falls of broiler and swine prices since the beginning of the year.</li>
<li>Our valuation metrics prompts us to revise down our rating to Underperform (from Outperform) because the share price is fully valued and implies no tactical upside.</li>
<li>BTG has revised down its 2023 sales growth target further to 5-10% (vs. 8-12% previously) because both swine and broiler prices have fallen sharply.</li>
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BTG’s two-year earnings (2022-24E) are expected to mark a -18% CAGR, vs. a +9% CAGR expected previously, owing to the sharp falls of broiler and swine prices since the beginning of the year.
Our valuation metrics prompts us to revise down our rating to Underperform (from Outperform) because the share price is fully valued and implies no tactical upside.
BTG has revised down its 2023 sales growth target further to 5-10% (vs. 8-12% previously) because both swine and broiler prices have fallen sharply.






BETAGRO - Earnings Projections Cut; 2-Year Profit Estimated at A -18% CAGR

<ul><li>A livestock producer with a vertically integrated business model. Planed Capex of Bt5.85bn in 2023E for capacity expansion</li><li>4Q22E profit to grow 99% YoY but fall 23% QoQ. Three-year core profit growth to achieve a 9% CAGR (2022-24E)</li><li>Strong financial position, with expected better debt to EBITDA. 2023E fair value derived at Bt40.40 (based on a PER of 10x)</li></ul>

A livestock producer with a vertically integrated business model. Planed Capex of Bt5.85bn in 2023E for capacity expansion4Q22E profit to grow 99% YoY but fall 23% QoQ. Three-year core profit growth to achieve a 9% CAGR (2022-24E)Strong financial position, with expected better debt to EBITDA. 2023E fair value derived at Bt40.40 (based on a PER of 10x)

Betagro - Three-Year Earnings to Achieve a 9% CAGR

Thailand

Betagro Public Company Limited manufactures agricultural food products. The Company offers animal feed, raises livestock, produces animal health products, and markets meat products for human consumption. Betagro serves customers worldwide.

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Betagro (BTG TB)

BETAGRO - Earnings Projections Cut; 2-Year Profit Estimated at A -18% CAGR

BTG’s two-year earnings (2022-24E) are expected to mark a -18% CAGR, vs. a +9% CAGR expected previously, owing to the sharp falls of broiler and...

Krungthai XSpring

Betagro - Three-Year Earnings to Achieve a 9% CAGR

A livestock producer with a vertically integrated business model. Planed Capex of Bt5.85bn in 2023E for capacity expansion

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)