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>The 2Q20 earnings showed a better recovery than expected thanks to rising asphalt demand and higher prices amid tight supply.</li><li>TASCO reported 2Q20 net profit of Bt1.72bn, up 63% YoY and turning around from losses in 1Q20.</li><li>We have raised our 2020-21E core profit forecasts by 120% and 32% to Bt2.9bn and Bt3.2bn, respectively, to reflect the better-than-expected margin in 2Q20 and improving momentum in 3Q20E due to strong asphalt prices amid tight supply.</li></ul>

The 2Q20 earnings showed a better recovery than expected thanks to rising asphalt demand and higher prices amid tight supply.TASCO reported 2Q20 net profit of Bt1.72bn, up 63% YoY and turning around from losses in 1Q20.We have raised our 2020-21E core profit forecasts by 120% and 32% to Bt2.9bn and Bt3.2bn, respectively, to reflect the better-than-expected margin in 2Q20 and improving momentum in 3Q20E due to strong asphalt prices amid tight supply.

Vietnam

Tasco operates as an investment holding company in Vietnam with a primary focus on smart mobility, encompassing electronic toll collection (VETC) and a comprehensive automotive services network (Tasco Auto). The company also engages in real estate, construction, and hospitality services, including luxury resorts. Tasco was founded in 1971 and is headquartered in Hanoi, Vietnam.

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Tasco (HUT VN)

Upbeat 2Q20 Results; Earnings Revised Up

The 2Q20 earnings showed a better recovery than expected thanks to rising asphalt demand and higher prices amid tight supply. TASCO reported 2Q20...

Krungthai XSpring

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