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

<ul><li>KTX maintains a Neutral rating (FV = Bt12.17, based on a required return of 9.51%).</li><li>The valuation metrics suggest a neutral view on the short-term fundamentals and the long-term growth prospects, while the tactical upside is limited.</li><li>Among meat operators, we view that GFPT’s sole broiler business is more <span style="font-size: var(--content-font-size);">attractive compared to those who are exposed to downside risk </span>from the swine business, which has been pressured by weak swine prices. We expect GFPT’s 1Q24E earnings to grow YoY.</li></ul>

KTX maintains a Neutral rating (FV = Bt12.17, based on a required return of 9.51%).The valuation metrics suggest a neutral view on the short-term fundamentals and the long-term growth prospects, while the tactical upside is limited.Among meat operators, we view that GFPT’s sole broiler business is more attractive compared to those who are exposed to downside risk from the swine business, which has been pressured by weak swine prices. We expect GFPT’s 1Q24E earnings to grow YoY.

GFPT -Stable Broiler Price, Lower Costs; 1Q24E Earnings Growth at 55% YoY