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>RBF reported better-than-expected earnings growth both YoY and QoQ in 1Q20 thanks to a wider-than-expected margin.</li><li>The 1Q20 earnings accounted for 32% of our 2020E forecast, which expects growth of 15%.</li><li>However, as the current share price is fully valued vs. our target price of Bt4.52/share (20x PER), we lower our rating to Hold (from Buy).</li></ul>

RBF reported better-than-expected earnings growth both YoY and QoQ in 1Q20 thanks to a wider-than-expected margin.The 1Q20 earnings accounted for 32% of our 2020E forecast, which expects growth of 15%.However, as the current share price is fully valued vs. our target price of Bt4.52/share (20x PER), we lower our rating to Hold (from Buy).

Better-Than-Expected 1Q20 Earnings; GPM Has Upside

R&B Food Supply

Better-Than-Expected 1Q20 Earnings; GPM Has Upside