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>SEAFCO's 1Q20 earnings declined YoY due to a narrower gross profit margin (GPM) but recovered QoQ thanks to higher revenue.</li><li>COVID-19 will result in a slowdown in new projects while the more intense competition will continue to put the firm's GPM under pressure.</li><li>We therefore maintain our Hold rating, with the target price of Bt6.20 (13x PER).</li></ul>

SEAFCO's 1Q20 earnings declined YoY due to a narrower gross profit margin (GPM) but recovered QoQ thanks to higher revenue.COVID-19 will result in a slowdown in new projects while the more intense competition will continue to put the firm's GPM under pressure.We therefore maintain our Hold rating, with the target price of Bt6.20 (13x PER).

1Q20 Profit Down YoY Due to Weaker GPM on More Intense Competition

<ul><li>The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM).</li><li>We thus cut our 2020-21E earnings forecasts by 14% and 10%, resulting in a new target price of Bt6.20 (13x PER).</li><li>We lower our rating to Hold (from Buy) while waiting for big new projects from the major contractor CK.</li></ul>

The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM).We thus cut our 2020-21E earnings forecasts by 14% and 10%, resulting in a new target price of Bt6.20 (13x PER).We lower our rating to Hold (from Buy) while waiting for big new projects from the major contractor CK.

1Q20E Earnings to Have Fallen YoY; Earnings Forecast Revised Down

Thailand

Seafco Public Company Limited is a leading deep foundation specialist in Thailand, primarily operating as a contractor for foundation and general civil works for both government and private sectors. The company specializes in bored piling, barrette piling, diaphragm wall construction, ground improvement, and various testing services. Seafco was incorporated on December 19, 1974, and is headquartered in Bangkok, Thailand.

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Seafco (SEAFCO-R TB)

1Q20 Profit Down YoY Due to Weaker GPM on More Intense Competition

SEAFCO's 1Q20 earnings declined YoY due to a narrower gross profit margin (GPM) but recovered QoQ thanks to higher revenue. COVID-19 will result...

Krungthai XSpring

1Q20E Earnings to Have Fallen YoY; Earnings Forecast Revised Down

The 1Q20E earnings are projected to have fallen YoY due to lower revenue and a slimmer gross profit margin (GPM). We thus cut our 2020-21E...

Krungthai XSpring

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