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

<ul><li>We initiate our coverage on CPAXT with an Outperform rating.</li><li>The 2024E fair value has increased 34% YoY given 2024E EPS growth of 21% (Bt0.78 in 2023E to Bt0.95 in 2024E) and a decline in the risk-free return by 0.85%.</li><li>Three-year core profit is expected to achieve a 17% CAGR from Bt8.3bn in 2023E to Bt13.1bn in 20206E, fueled by sales growth, an increasing margin, and lower interest expenses.</li></ul>

We initiate our coverage on CPAXT with an Outperform rating.The 2024E fair value has increased 34% YoY given 2024E EPS growth of 21% (Bt0.78 in 2023E to Bt0.95 in 2024E) and a decline in the risk-free return by 0.85%.Three-year core profit is expected to achieve a 17% CAGR from Bt8.3bn in 2023E to Bt13.1bn in 20206E, fueled by sales growth, an increasing margin, and lower interest expenses.

CP AXTRA (CPAXT): Strong Earnings Growth at a 17% CAGR

Thailand

CP Axtra Public Company Limited engages in wholesale and retail businesses of food and non-food products in Thailand, Malaysia, and internationally, operating under the Makro and Lotus's brands. It provides general consumer goods, including fresh food and dry goods, through online platforms and wholesale stores, alongside freight, delivery, and storage services. The company was incorporated in 1988 and is headquartered in Bangkok, Thailand.

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CP Axtra (CPAXT-R TB)

CP AXTRA (CPAXT): Strong Earnings Growth at a 17% CAGR

We initiate our coverage on CPAXT with an Outperform rating. The 2024E fair value has increased 34% YoY given 2024E EPS growth of 21% (Bt0.78 in...

Krungthai XSpring

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