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>We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).</li><li>Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.</li><li>TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.</li></ul>

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).Tactically, with earnings likely having peaked in 2Q25, we keep a neutral stance.TVO reported 3Q25 net profit of Bt486mn (+11% YoY, –25% QoQ), about 10% below Bloomberg consensus.

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

<ul><li>KTX maintains our Neutral rating with a 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.</li><li>The valuation metrics indicate that the current share price implies some upside potential to our fair value estimate, but the growth outlook appears weak compared to the strong base in 2024.</li><li>Meanwhile the tactical view on the share price remains neutral.</li></ul>

KTX maintains our Neutral rating with a 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.The valuation metrics indicate that the current share price implies some upside potential to our fair value estimate, but the growth outlook appears weak compared to the strong base in 2024.Meanwhile the tactical view on the share price remains neutral.

Thai Vegetable Oil - Solid 2Q25 Earnings Driven by Profit Margin

<ul><li>Expecting that one-off gains will boost 2Q25E net profit above the market’s expectations, we have revised up our 2025E net profit forecast.</li><li>However, we maintain our core profit estimate for the year.</li><li>We also retain our view expecting a 2-year core EPS CAGR of -6% (2025-27E) due to a flat market GRM and market GIM, as well as higher financing costs related to additional capital expenditures for the Clean Fuel Project (CFP).</li></ul>

Expecting that one-off gains will boost 2Q25E net profit above the market’s expectations, we have revised up our 2025E net profit forecast.However, we maintain our core profit estimate for the year.We also retain our view expecting a 2-year core EPS CAGR of -6% (2025-27E) due to a flat market GRM and market GIM, as well as higher financing costs related to additional capital expenditures for the Clean Fuel Project (CFP).

Thai Oil - Expect Solid 2Q25E NP Given One-Off Gains Offsetting Stock Losses

<ul><li>KTX maintains our Neutral rating and assigns a 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.</li><li>The valuation metrics indicate some upside from the current share price, but the growth outlook remains weak compared to the strong base in 2024.</li><li>Meanwhile, the tactical view on the stock price remains neutral.</li></ul>

KTX maintains our Neutral rating and assigns a 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.The valuation metrics indicate some upside from the current share price, but the growth outlook remains weak compared to the strong base in 2024.Meanwhile, the tactical view on the stock price remains neutral.

Thai Vegetable Oil - 1Q25 Profit Down QoQ; Further Weakness Likely in 2Q25E

<ul><li>KTX maintains a Neutral rating and the 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.</li><li>Our valuation metrics suggest that the current valuation provides attractive upside.</li><li>However, the growth looks weak compared to 2024’s solid base, while the tactical parameter indicates a neutral price trend.</li></ul>

KTX maintains a Neutral rating and the 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%.Our valuation metrics suggest that the current valuation provides attractive upside.However, the growth looks weak compared to 2024’s solid base, while the tactical parameter indicates a neutral price trend.

Thai Vegetable Oil - Impressive 4Q24 Results

Thailand

Thai Vegetable Oil Public Company Limited produces and markets soybean cooking oil under its A-ngoon brand name.  Additionally, the Company produced other soybean products including soymeal, full-fat soy, cooked and un-extracted soybeanseed, and lecithin.  Its products are also used in industrial applications such as the production of paint or canned food.

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Thai Vegetable Oil (TVO TB)

THAI VEGETABLE OIL Plc. (TVO): Earnings Likely Peaked In 2Q25

We maintain our Neutral call with a new 12-month fair value of Bt25.80 (from Bt25.00), based on a higher required return of 8.41% (from 7.27%).

Krungthai XSpring

Thai Vegetable Oil - Solid 2Q25 Earnings Driven by Profit Margin

Our 2025E earnings forecast has upside potential; however, the strong earnings in 2Q25-3Q25E cannot act as an indicator of the company’s long- term...

Krungthai XSpring

Thai Oil - Expect Solid 2Q25E NP Given One-Off Gains Offsetting Stock Losses

Expecting that one-off gains will boost 2Q25E net profit above the market’s expectations, we have revised up our 2025E net profit forecast.

Krungthai XSpring

Thai Vegetable Oil - 1Q25 Profit Down QoQ; Further Weakness Likely in 2Q25E

The valuation metrics indicate some upside from the current share price, but the growth outlook remains weak compared to the strong base in 2024.

Krungthai XSpring

Thai Vegetable Oil - Impressive 4Q24 Results

TX maintains a Neutral rating and the 12-month fair value (FV) of Bt25.00, based on a required return of 7.27%. Our valuation metrics suggest that...

Krungthai XSpring

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