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>4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E</li><li>Upward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gains</li><li>Maintain a Buy rating on ITC, with a fair price of Bt36.70</li></ul>

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23EUpward earnings adjustment for 2022E to reflect stronger-than-expected 2H22E performance and FX gainsMaintain a Buy rating on ITC, with a fair price of Bt36.70

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

<p>TU’s 2Q21 core profit came out in line with our expectation. Earnings were boosted by the recovery in the frozen/chilled seafood business and the pet food and value-added product business, along with better contributions from affiliates (as Red Lobster shared a smaller loss YoY). The 3Q21E earnings are likely to remain intact YoY and QoQ due to the peak season and the depreciation of the baht. We reaffirm a Hold rating, with the target price of Bt20.60 (14x PER).</p>

TU’s 2Q21 core profit came out in line with our expectation. Earnings were boosted by the recovery in the frozen/chilled seafood business and the pet food and value-added product business, along with better contributions from affiliates (as Red Lobster shared a smaller loss YoY). The 3Q21E earnings are likely to remain intact YoY and QoQ due to the peak season and the depreciation of the baht. We reaffirm a Hold rating, with the target price of Bt20.60 (14x PER).

Thailand

Thai Union Group is a global producer of seafood-based products, specializing in ambient (shelf-stable), frozen, and chilled seafood, as well as pet care items and value-added products. The company's key products include canned tuna, frozen shrimp, sardines, and mackerel, distributed globally under a portfolio of leading brands. Thai Union Group is headquartered in Samut Sakhon, Thailand, and was founded in 1977.

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Thai Union Group (TU-R TB)

I-TAIL CORPORATION (ITC): Short-Term Quarterly Slowdown in 4Q22E – Buy (12M Fair Value Bt36.70)

4Q22E earnings momentum QoQ to be hit by clients' high inventory levels, while it should get back on the growth track in 1Q23E Upward earnings...

Krungthai XSpring

Earnings Review: Thai Union Group Plc.

Strong 2Q21 earnings growth on better sales and margin, TU’s 2Q21 core profit came out in line with our expectation, we reaffirm a Hold rating

Krungthai XSpring

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