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>4Q24E and 2024E core profit is expected to have grown by 251% and 220% YoY, respectively, driven by higher profit margins (due to rising swine prices and lower raw material costs), a decline in operating expenses to sales, and increased profit contributions from affiliates, despite a drop in sales.</li><li>The current valuation has been upgraded to a buy based on the fundamentals (previously undervalued), but the long-term growth outlook has been downgraded to neutral (previously strong), with net profit growth over the next two years expected at a CAGR of 8%.</li><li>From a tactical perspective, the outlook has also shifted to neutral (previously limited downside risk).</li></ul>

4Q24E and 2024E core profit is expected to have grown by 251% and 220% YoY, respectively, driven by higher profit margins (due to rising swine prices and lower raw material costs), a decline in operating expenses to sales, and increased profit contributions from affiliates, despite a drop in sales.The current valuation has been upgraded to a buy based on the fundamentals (previously undervalued), but the long-term growth outlook has been downgraded to neutral (previously strong), with net profit growth over the next two years expected at a CAGR of 8%.From a tactical perspective, the outlook has also shifted to neutral (previously limited downside risk).

Charoen Pokphand Foods - 4Q24E and 2024E Core Profit Growth of 251% and 220% YoY

CP FOODS

Charoen Pokphand Foods - 4Q24E and 2024E Core Profit Growth of 251% and 220% YoY