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 maintain our Outperform rating with a 2025E fair value of Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x and a PEG of 1.0x, derived from an average EPS CAGR of 27.6% during 2024-26E.</li><li>We hold a positive view on OKJ’s business, which continues to expand despite the economic slowdown.</li><li>This is supported by the potential to launch new brands and the ongoing branch expansion, driven by its penetration into the health food market.</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x and a PEG of 1.0x, derived from an average EPS CAGR of 27.6% during 2024-26E.We hold a positive view on OKJ’s business, which continues to expand despite the economic slowdown.This is supported by the potential to launch new brands and the ongoing branch expansion, driven by its penetration into the health food market.

Pluk Phak Praw Rak Mae - Impressive Profit Margin Supports Strong 1Q25 Earnings

<ul><li>We maintain our Outperform rating with a 2025E fair value Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x.</li><li>This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.</li><li>We are positive on OKJ’s business as it continues to expand despite the sluggish economic environment, driven by potential new brand launches and its ongoing growth phase, supported by its penetration into the healthy segment.</li></ul>

We maintain our Outperform rating with a 2025E fair value Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x.This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.We are positive on OKJ’s business as it continues to expand despite the sluggish economic environment, driven by potential new brand launches and its ongoing growth phase, supported by its penetration into the healthy segment.

Pluk Phak Praw Rak Mae - Back on Track in 1Q25E

<ul><li>We upgrade our rating to Outperform from Neutral.</li><li>Our earnings forecast revisions led us to raise our 2025E fair value to Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x (previously Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x).</li><li>This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.</li></ul>

We upgrade our rating to Outperform from Neutral.Our earnings forecast revisions led us to raise our 2025E fair value to Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x (previously Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x).This implies a PEG ratio of 1.0x, based on an EPS CAGR of 27.6% over 2024-26E.

Pluk Phak Praw Rak Mae - Margins to Recover in 1Q25E

<ul><li>We maintain a Neutral rating but make a downward revision to our earnings forecasts.</li><li>As a result, we lower the 2025E fair value to Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x (previously Bt13.68, based on a required return of 3.46%, reflecting a PER of 28.9x).</li><li>This translates to a PEG ratio of 1.0x, based on an EPS growth rate of 24.7% in 2024-26E.</li></ul>

We maintain a Neutral rating but make a downward revision to our earnings forecasts.As a result, we lower the 2025E fair value to Bt10.00, based on a required return of 4.05%, reflecting a PER of 24.7x (previously Bt13.68, based on a required return of 3.46%, reflecting a PER of 28.9x).This translates to a PEG ratio of 1.0x, based on an EPS growth rate of 24.7% in 2024-26E.

Pluk Phak Praw Rak Mae - Growth Intact, Albeit with a Softer Margin

<ul><li>We maintain our Neutral rating with a 2025E fair value of Bt13.68, based on a required rate of return of 3.46%, which implies a 28.9x PER, justifying its expected solid EPS growth of 23.7% in 2024-26E.</li><li>Compared to peers, its PER is higher than AU's 2025E PER of 21.6x, which has the highest premium valuation among domestic restaurant stocks.</li><li>It’s the most beautiful time of the year for the company, with the high season results about to be announced and the 2025 annual plan soon to be revealed.</li></ul>

We maintain our Neutral rating with a 2025E fair value of Bt13.68, based on a required rate of return of 3.46%, which implies a 28.9x PER, justifying its expected solid EPS growth of 23.7% in 2024-26E.Compared to peers, its PER is higher than AU's 2025E PER of 21.6x, which has the highest premium valuation among domestic restaurant stocks.It’s the most beautiful time of the year for the company, with the high season results about to be announced and the 2025 annual plan soon to be revealed.

Pluk Phak Praw Rak Mae - The Most Beautiful Time of the Year

Thailand

Pluk Phak Praw Rak Mae Public Company Limited operates as an agriculture company. The Company cultivates and markets vegies such as green and red oak, frillice iceberg, butterhead, coral, batavia, spinach, and sprouts. Pluk Phak Praw Rak Mae serves customers in Thailand.

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Ohhaju (OKJ TB)

Pluk Phak Praw Rak Mae - Impressive Profit Margin Supports Strong 1Q25 Earnings

We maintain our Outperform rating with a 2025E fair value of Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x and a PEG of 1.0x

Krungthai XSpring

Pluk Phak Praw Rak Mae - Back on Track in 1Q25E

We maintain our Outperform rating with a 2025E fair value Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x.

Krungthai XSpring

Pluk Phak Praw Rak Mae - Margins to Recover in 1Q25E

Our earnings forecast revisions led us to raise our 2025E fair value to Bt11.76, based on a required return of 3.62%, reflecting a PER of 27.6x

Krungthai XSpring

Pluk Phak Praw Rak Mae - Growth Intact, Albeit with a Softer Margin

We maintain a Neutral rating but make a downward revision to our earnings forecasts. As a result, we lower the 2025E fair value to Bt10.00, based...

Krungthai XSpring

Pluk Phak Praw Rak Mae - The Most Beautiful Time of the Year

Compared to peers, its PER is higher than AU's 2025E PER of 21.6x, which has the highest premium valuation among domestic restaurant stocks.

Krungthai XSpring

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