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>Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points.</li><li>The inclusion and exclusion of stocks in the SET50/SET100 indices for 2H24 will begin to affect closing prices from today onward.</li><li>We recommend stocks with positive news stories: TIDLOR, ITC and TIPH (newly added to the SET50/SET100 indices, affecting closing prices today).</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points.The inclusion and exclusion of stocks in the SET50/SET100 indices for 2H24 will begin to affect closing prices from today onward.We recommend stocks with positive news stories: TIDLOR, ITC and TIPH (newly added to the SET50/SET100 indices, affecting closing prices today).

Krungthai XSpring Zoom Eng. June 28, 2024

<ul><li>The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year.</li><li>Therefore, we maintain our projection and our Outperform rating, with a fair value of Bt21.35.</li><li>Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects.</li></ul>

The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year.Therefore, we maintain our projection and our Outperform rating, with a fair value of Bt21.35.Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects.

Srinanaporn Marketing - 1Q24 Earnings Grew 2% YoY but Decreased 4% QoQ, as Expected

<ul><li>We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year.</li><li>Therefore, we maintain our Outperform rating, with a fair value of Bt21.35.</li><li>Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects. </li></ul>

We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year.Therefore, we maintain our Outperform rating, with a fair value of Bt21.35.Our valuation metrics indicate that the stock is attractive based on both the short-term and long-term earnings growth prospects. 

Srinanaporn Marketing -1Q24E Earnings Expected to Grow 2% YoY but Decrease 4% QoQ

<ul><li>We maintain our Outperform rating, with a fair value of Bt21.35.</li><li>Our valuation metrics suggest that the stock is attractive in terms of the fundamentals, both in the short and long term.</li><li>Meanwhile, the tactical view is neutral, with a high ROCE of 19-26% in 2023-25E.</li></ul>

We maintain our Outperform rating, with a fair value of Bt21.35.Our valuation metrics suggest that the stock is attractive in terms of the fundamentals, both in the short and long term.Meanwhile, the tactical view is neutral, with a high ROCE of 19-26% in 2023-25E.

Srinanaporn Marketing - 4Q23E Core Profit Projected to Grow 13% YoY and 8% QoQ

<ul><li>We maintain our Outperform rating, with a fair value of Bt21.35.</li><li>The 4Q23E core profit is expected at Bt173mn (+13% YoY and +8% QoQ), driven by sales growth, which should have remained stable YoY but decreased 8% QoQ to Bt1.6bn.</li><li>The 2023E NP forecast of Bt644mn, up 25%, is maintained (the firm will report its earnings on February 20).</li></ul>

We maintain our Outperform rating, with a fair value of Bt21.35.The 4Q23E core profit is expected at Bt173mn (+13% YoY and +8% QoQ), driven by sales growth, which should have remained stable YoY but decreased 8% QoQ to Bt1.6bn.The 2023E NP forecast of Bt644mn, up 25%, is maintained (the firm will report its earnings on February 20).

Thailand

Srinanaporn Marketing Public Company Limited manufactures and distributes a variety of snacks and beverages, including ready-to-drink jellies, squid snacks, biscuits, wafers, and coconut juice. Key brands include Jele, Bento, Lotus, Magic Farm, and Chocky. The company was founded in 1972 and is headquartered in Bangkok, Thailand.

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Srinanaporn Marketing (SNNP TB)

Krungthai XSpring Zoom Eng. June 28, 2024

Technically, the SET Index is expected to move sideways down, with the support at 1,305/1,297 points and the resistance at 1,316/1,325 points. The...

Krungthai XSpring

Srinanaporn Marketing - 1Q24 Earnings Grew 2% YoY but Decreased 4% QoQ, as Expected

The 1Q24 earnings came out as expected, and we forecast an acceleration in the remainder of the year. Therefore, we maintain our projection and our...

Krungthai XSpring

Srinanaporn Marketing -1Q24E Earnings Expected to Grow 2% YoY but Decrease 4% QoQ

We have a neutral view on SNNP’s 1Q24E earnings prospects as well as the earnings outlook for the remainder of the year. Therefore, we maintain our...

Krungthai XSpring

Srinanaporn Marketing - 4Q23E Core Profit Projected to Grow 13% YoY and 8% QoQ

Our valuation metrics suggest that the stock is attractive in terms of the fundamentals, both in the short and long term.

Krungthai XSpring

Srinanaporn Marketing SNNP

We maintain our Outperform rating, with a fair value of Bt21.35. The 4Q23E core profit is expected at Bt173mn (+13% YoY and +8% QoQ), driven by...

Krungthai XSpring

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