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

Srinanaporn Marketing Public Company Limited / Equity Bottom-Up

Srinanaporn Marketing Public Company Limited

<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

Thematic (Sector/Industry)

<ul><li>The SET was volatile in a tight range and faced profit taking after surging quickly.</li><li>However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.</li><li>Consequently, the index was able to close up, even though foreign investors turned to sell.</li></ul>

The SET was volatile in a tight range and faced profit taking after surging quickly.However, the MPC meeting results were as expected, while the increase of energy, banking, petrol and commerce stocks provided a boost.Consequently, the index was able to close up, even though foreign investors turned to sell.

<ul><li>SNNP reported a 2Q23 net profit of Bt157mn, in line with our projection of Bt163mn.</li><li>The 2Q23 net profit increased by 35% YoY and 2% QoQ as the gross profit margin widened YoY but remained flat QoQ.</li><li>Meanwhile, sales expanded both YoY and QoQ.</li></ul>

SNNP reported a 2Q23 net profit of Bt157mn, in line with our projection of Bt163mn.The 2Q23 net profit increased by 35% YoY and 2% QoQ as the gross profit margin widened YoY but remained flat QoQ.Meanwhile, sales expanded both YoY and QoQ.

Earnings Review - Srinanaporn Marketing Plc. (SNNP)

<ul><li>KTX holds a neutral view after the analyst meeting and maintains 3-year earnings at a 22% CAGR.</li><li>The planned production of the plant in Vietnam, clearer new product launches, and marketing plans should help drive earnings growth to reach the target.</li><li>There is also upside risk from potential expansion to China and the Philippines, as well as the restructuring of the freight forwarding business operated by a subsidiary (Siripro) in order to reduce losses (expected to improve in 2H23E). </li></ul>

KTX holds a neutral view after the analyst meeting and maintains 3-year earnings at a 22% CAGR.The planned production of the plant in Vietnam, clearer new product launches, and marketing plans should help drive earnings growth to reach the target.There is also upside risk from potential expansion to China and the Philippines, as well as the restructuring of the freight forwarding business operated by a subsidiary (Siripro) in order to reduce losses (expected to improve in 2H23E). 

Analyst Briefing - Srinanaporn Marketing Plc. (SNNP)

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

<ul>
<li>We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology</li>
<li>Portfolio changes: 10 stocks remain, four new join the fray</li>
<li>Since inception, it has gained 115% versus the SET 100 Index’s return of 31%</li>
</ul>


We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology
Portfolio changes: 10 stocks remain, four new join the fray
Since inception, it has gained 115% versus the SET 100 Index’s return of 31%


The Stocks to Own in Thailand – Vol. 41

Thailand

Srinanaporn Marketing Public Company Limited operates as a food manufacturing company. The Company offers snack such as jelly, fruit juice, fish, squid, herb drinks. Srinanaporn Marketing serves customers worldwide.

Srinanaporn Marketing Public Company Limited (SNNP TB)

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Srinanaporn Marketing Public Company Limited (SNNP TB)

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

Technical Analysis - Feb 8, 2024

The SET was volatile in a tight range and faced profit taking after surging quickly. However, the MPC meeting results were as expected

Krungthai XSpring

Earnings Review - Srinanaporn Marketing Plc. (SNNP)

The 2Q23 net profit increased by 35% YoY and 2% QoQ as the gross profit margin widened YoY but remained flat QoQ. Meanwhile, sales expanded both...

Krungthai XSpring

Analyst Briefing - Srinanaporn Marketing Plc. (SNNP)

The planned production of the plant in Vietnam, clearer new product launches, and marketing plans should help drive earnings growth to reach the...

Krungthai XSpring

The Stocks to Own in Thailand – Vol. 41

We highlight 14 stocks in Thailand that look interesting to us based on our FVMR Methodology. Since inception, it has gained 115% versus the SET...

A. Stotz Investment Research

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52-week Range

Market Cap (USDm)

P/E

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