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>RBF reported a 2Q23 net profit of Bt153mn, 8% better than our projection due to an upbeat GPM and extra gain of Bt4.0mn.</li><li>The 2Q23 net profit increased by 33% YoY and 4% QoQ, as sales rose by 8% YoY on the back of a surge in overseas sales, especially those of flour, sauces, seasonings, flavorings and food coloring.</li><li>Hence, the GPM was pushed up to 36.7% in 2Q23 vs. 32.1% in 2Q22 and 36.1% in 1Q23.</li></ul>

RBF reported a 2Q23 net profit of Bt153mn, 8% better than our projection due to an upbeat GPM and extra gain of Bt4.0mn.The 2Q23 net profit increased by 33% YoY and 4% QoQ, as sales rose by 8% YoY on the back of a surge in overseas sales, especially those of flour, sauces, seasonings, flavorings and food coloring.Hence, the GPM was pushed up to 36.7% in 2Q23 vs. 32.1% in 2Q22 and 36.1% in 1Q23.

Earnings Review - R&B Food Supply Plc. (RBF) - AUGUST 15, 2023

Thailand

R&B Food Supply Public Company Limited operates as a food company. The Company manufactures breadcrumbs. R&B Food Supply serves customers in Thailand.

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