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>First, the impact from the ongoing spread of COVID-19 on the food flavoring and food coloring business is likely to be limited as around 88% of clients, i.e., consumer goods factories, are running at full utilization to serve demand to stockpile food amid the pandemic.</li><li>Second, the 1Q20E earnings are expected to grow by 22% YoY.</li><li>Finally, the current share price implies potential upside of 30% vs. our target price of Bt4.52.</li></ul>

First, the impact from the ongoing spread of COVID-19 on the food flavoring and food coloring business is likely to be limited as around 88% of clients, i.e., consumer goods factories, are running at full utilization to serve demand to stockpile food amid the pandemic.Second, the 1Q20E earnings are expected to grow by 22% YoY.Finally, the current share price implies potential upside of 30% vs. our target price of Bt4.52.

1Q20E Core Profit Expected to Grow by 22 %; Rating Upgraded to Buy

R&B Food Supply

1Q20E Core Profit Expected to Grow by 22 %; Rating Upgraded to Buy