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

Sri Trang Gloves Thailand  / Equity Bottom-Up

<ul><li>We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PE of 25.7x.</li><li>We like STGT for its strong fundamentals as a global rubber glove player, benefiting from the US’s stringent tariff measures against China, a major competitor in the rubber glove market.</li><li>Meanwhile, another competitor, Malaysia, is also subject to the same 19% tariff rate as Thailand</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PE of 25.7x.We like STGT for its strong fundamentals as a global rubber glove player, benefiting from the US’s stringent tariff measures against China, a major competitor in the rubber glove market.Meanwhile, another competitor, Malaysia, is also subject to the same 19% tariff rate as Thailand

Sri Trang Gloves (Thailand) - 2Q25 Earnings Fell Due to Lower Selling Prices and a Stronger Baht.

<ul><li>We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PER of 25.7x.</li><li>STGT reported strong net profit in 1Q25, supported by a GPM that hit a three-quarter high, creating upside risk to our estimates.</li><li>However, there is a possibility that margins could decline over the remaining nine months of the year from the 1Q25 level.</li></ul>

We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PER of 25.7x.STGT reported strong net profit in 1Q25, supported by a GPM that hit a three-quarter high, creating upside risk to our estimates.However, there is a possibility that margins could decline over the remaining nine months of the year from the 1Q25 level.

Sri Trang Gloves - Strong 1Q25 Earnings, Supported by an Impressive GPM

<ul><li>KTX maintains an Outperform rating with a new fair value of Bt9.80/share (previously Bt11.80), based on the earnings yield method and a required rate of return of 3.89%, reflecting a PER target of 25.7x.</li><li>The valuation metrics indicate that the current stock price is undervalued, with 24% upside to our target price.</li><li>Meanwhile, earnings are expected to grow steadily at a CAGR of 17% during 2024-26E. The tactical view indicates limited downside risk.</li></ul>

KTX maintains an Outperform rating with a new fair value of Bt9.80/share (previously Bt11.80), based on the earnings yield method and a required rate of return of 3.89%, reflecting a PER target of 25.7x.The valuation metrics indicate that the current stock price is undervalued, with 24% upside to our target price.Meanwhile, earnings are expected to grow steadily at a CAGR of 17% during 2024-26E. The tactical view indicates limited downside risk.

Sri Trang Gloves - Earnings Forecasts and Fair Value Revised Down

<ul><li>STGT reported a 4Q24 net profit that exceeded both our and the market's expectations, primarily due to Bt483mn in interest income refunds from long-term loans, supported by the Rubber Authority of Thailand.</li><li>Excluding this item, the 4Q24 profit margin was weaker than our estimate.</li><li>The soft profitability in 4Q24 is expected to gradually improve and has likely already been priced into the stock following the sharp decline earlier.</li></ul>

STGT reported a 4Q24 net profit that exceeded both our and the market's expectations, primarily due to Bt483mn in interest income refunds from long-term loans, supported by the Rubber Authority of Thailand.Excluding this item, the 4Q24 profit margin was weaker than our estimate.The soft profitability in 4Q24 is expected to gradually improve and has likely already been priced into the stock following the sharp decline earlier.

Sri Trang Gloves (Thailand) - Upbeat 4Q24 Profit Driven by Other Income Items

Thematic (Sector/Industry)

<ul><li>Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.</li><li>We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.</li><li>We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER</li></ul>

Exports in June grew by 15.5% YoY, supporting a 15.0% YoY expansion in 1H25.We believe this momentum was not solely driven by pent-up demand, but also by trade diversion, which suggests the positive trend could continue into 2H25E.We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Economic Update – Exports & Imports -JULY 29, 2025

Thailand

Sri Trang Gloves (Thailand) Public Company Limited manufactures rubber products. The Company offers janitorial items such as hand gloves. Sri Trang Gloves Thailand serves customers in Thailand.

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Sri Trang Gloves Thailand (STGT TB)

Sri Trang Gloves (Thailand) - 2Q25 Earnings Fell Due to Lower Selling Prices and a Stronger Baht.

We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PE of 25.7x.

Krungthai XSpring

Sri Trang Gloves - Strong 1Q25 Earnings, Supported by an Impressive GPM

We maintain our Outperform rating with a 2025E fair value of Bt9.80, based on a required return of 3.89%, equivalent to a PER of 25.7x.

Krungthai XSpring

Sri Trang Gloves - Earnings Forecasts and Fair Value Revised Down

We favor STGT as a global player in the medical glove industry, benefiting from regulatory changes in key markets such as the US.

Krungthai XSpring

Sri Trang Gloves (Thailand) - Upbeat 4Q24 Profit Driven by Other Income Items

We maintain our Outperform rating with a 2025E fair value of Bt11.80, based on a required return of 3.23%, equivalent to a PE of 31.0x.

Krungthai XSpring

Economic Update – Exports & Imports -JULY 29, 2025

We recommend speculative trading in laggard export-related and industrial estate stocks, namely CCET, CPF, STA, TU, HANA, STGT, BTG, and NER

Krungthai XSpring

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