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

<p>THIP’s 2Q21 earnings grew YoY as expected due to higher sales despite a narrower margin. In 3Q21E, earnings are forecast to jump QoQ on the expected increase in sales YoY and QoQ and the likely recovery of the gross profit margin QoQ thanks to lower costs for plastic pellets. The current share price implies potential upside of 13% to our target price of Bt37 (9x PER), and the firm is expected to pay an interim dividend of Bt0.5/share for its 1H21 performance. We maintain a Buy rating thanks to its strong financial position and a dividend yield of 5% p.a.</p>

THIP’s 2Q21 earnings grew YoY as expected due to higher sales despite a narrower margin. In 3Q21E, earnings are forecast to jump QoQ on the expected increase in sales YoY and QoQ and the likely recovery of the gross profit margin QoQ thanks to lower costs for plastic pellets. The current share price implies potential upside of 13% to our target price of Bt37 (9x PER), and the firm is expected to pay an interim dividend of Bt0.5/share for its 1H21 performance. We maintain a Buy rating thanks to its strong financial position and a dividend yield of 5% p.a.

Earnings Review Thantawan Industry Plc. (THIP)