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

GFPT Public Company Limited / Equity Bottom-Up

<div><div><div><ul><li>KTX projects 4Q22E earnings growth at +686% YoY but -38% QoQ to Bt0.34/share; 2022E earnings forecast at Bt1.51/share, in line with consensus estimate</li><li>2023E earnings revised up by 8% to Bt1.51/share; sales growth projected at 8% YoY; GPM forecast at 15.1%, down from 16.2% in 2022E due to lower selling prices in line with higher supply and falling transportation costs</li><li>2023E earnings expected to fall 6% YoY, with a further decline of 14% in 2024E</li><li>Capex set at Bt1.0-1.2bn in 2022 from cash flow to fund expansion toward integrated broiler business</li></ul></div></div></div>

KTX projects 4Q22E earnings growth at +686% YoY but -38% QoQ to Bt0.34/share; 2022E earnings forecast at Bt1.51/share, in line with consensus estimate2023E earnings revised up by 8% to Bt1.51/share; sales growth projected at 8% YoY; GPM forecast at 15.1%, down from 16.2% in 2022E due to lower selling prices in line with higher supply and falling transportation costs2023E earnings expected to fall 6% YoY, with a further decline of 14% in 2024ECapex set at Bt1.0-1.2bn in 2022 from cash flow to fund expansion toward integrated broiler business

GFPT Public Cmmpany Limited - Weaker 2023-24E Earnings Outlook