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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

Equity Bottom-Up

<ul><li>SEAFCO's 1Q20 earnings declined YoY due to a narrower gross profit margin (GPM) but recovered QoQ thanks to higher revenue.</li><li>COVID-19 will result in a slowdown in new projects while the more intense competition will continue to put the firm's GPM under pressure.</li><li>We therefore maintain our Hold rating, with the target price of Bt6.20 (13x PER).</li></ul>

SEAFCO's 1Q20 earnings declined YoY due to a narrower gross profit margin (GPM) but recovered QoQ thanks to higher revenue.COVID-19 will result in a slowdown in new projects while the more intense competition will continue to put the firm's GPM under pressure.We therefore maintain our Hold rating, with the target price of Bt6.20 (13x PER).

1Q20 Profit Down YoY Due to Weaker GPM on More Intense Competition

Seafco

1Q20 Profit Down YoY Due to Weaker GPM on More Intense Competition