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>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)

<div><div><div><div><ul><li>KTX initiates our coverage on SNNP with an Outperform rating.</li><li>Our valuation metrics suggest attractive valuation in terms of the fundamentals in both the short and long term, while a high ROCE of 23-27% p.a. is expected.</li><li>KTX estimates a fair value of Bt26.25/share, based on the earnings yield and a required return of 3.48%.</li></ul></div></div></div></div>

KTX initiates our coverage on SNNP with an Outperform rating.Our valuation metrics suggest attractive valuation in terms of the fundamentals in both the short and long term, while a high ROCE of 23-27% p.a. is expected.KTX estimates a fair value of Bt26.25/share, based on the earnings yield and a required return of 3.48%.

Srinanaporn Marketing - Three-Year Earnings to Achieve a 22% CAGR

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)

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

Srinanaporn Marketing - Three-Year Earnings to Achieve a 22% CAGR

Our valuation metrics suggest attractive valuation in terms of the fundamentals in both the short and long term, while a high ROCE of 23-27% p.a....

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)